CIBC Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Magna International (NYSE:MGA) (TSE:MG) had its price target upped by CIBC from $47.00 to $50.00 in a research report issued on Monday,BayStreet.CA reports. The firm presently has a “neutral” rating on the stock. CIBC’s price objective suggests a potential upside of 2.09% from the company’s previous close.

Several other brokerages also recently weighed in on MGA. Evercore ISI boosted their price target on Magna International from $40.00 to $47.00 and gave the company an “in-line” rating in a report on Monday, October 13th. JPMorgan Chase & Co. boosted their price target on Magna International from $48.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Wells Fargo & Company boosted their price target on Magna International from $45.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Magna International in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada boosted their price target on Magna International from $47.00 to $48.00 and gave the company a “sector perform” rating in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $48.57.

Magna International Price Performance

Shares of NYSE:MGA opened at $48.98 on Monday. The business’s 50 day simple moving average is $46.23 and its 200-day simple moving average is $41.55. The firm has a market capitalization of $13.80 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 1.00 and a beta of 1.53. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82. Magna International has a 12 month low of $30.39 and a 12 month high of $49.79.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.24 by $0.09. The business had revenue of $10.50 billion for the quarter, compared to analyst estimates of $10.03 billion. Magna International had a return on equity of 11.89% and a net margin of 2.91%.The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.28 EPS. Magna International has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Magna International will post 5.87 earnings per share for the current fiscal year.

Institutional Trading of Magna International

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Magna International by 5.5% during the 1st quarter. Bank of New York Mellon Corp now owns 252,500 shares of the company’s stock valued at $8,582,000 after acquiring an additional 13,220 shares in the last quarter. ARK Investment Management LLC acquired a new stake in Magna International in the 1st quarter valued at $5,478,000. ARGA Investment Management LP increased its holdings in Magna International by 17.0% in the 1st quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company’s stock valued at $101,890,000 after purchasing an additional 436,366 shares in the last quarter. Quantbot Technologies LP increased its holdings in Magna International by 3,849.3% in the 1st quarter. Quantbot Technologies LP now owns 165,908 shares of the company’s stock valued at $5,639,000 after purchasing an additional 161,707 shares in the last quarter. Finally, United Services Automobile Association acquired a new stake in Magna International in the 1st quarter valued at $305,000. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.