Magna International (NYSE:MGA) Upgraded at Scotiabank

Magna International (NYSE:MGA) (TSE:MG) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued on Friday, Marketbeat.com reports. The firm presently has a $72.00 price target on the stock. Scotiabank’s price objective points to a potential upside of 13.81% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Magna International from $71.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday. Wall Street Zen upgraded shares of Magna International from a “buy” rating to a “strong-buy” rating in a research report on Monday, January 19th. Morgan Stanley upped their price target on shares of Magna International from $54.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 18th. Canadian Imperial Bank of Commerce upgraded shares of Magna International from a “neutral” rating to an “outperformer” rating and upped their price target for the stock from $56.00 to $76.00 in a research report on Wednesday, February 18th. Finally, Wells Fargo & Company dropped their price target on shares of Magna International from $69.00 to $59.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Magna International currently has an average rating of “Hold” and a consensus price target of $62.40.

Magna International Price Performance

Shares of MGA traded up $1.06 during mid-day trading on Friday, reaching $63.26. The stock had a trading volume of 287,769 shares, compared to its average volume of 1,851,803. The firm has a market cap of $17.35 billion, a price-to-earnings ratio of 21.43 and a beta of 1.44. Magna International has a 12 month low of $32.54 and a 12 month high of $69.94. The business has a fifty day moving average of $59.08 and a 200 day moving average of $53.68. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.87 and a current ratio of 1.25.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, February 13th. The company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.37. The business had revenue of $10.74 billion during the quarter, compared to analyst estimates of $10.54 billion. Magna International had a net margin of 1.99% and a return on equity of 12.73%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.69 earnings per share. Magna International has set its FY 2026 guidance at 6.250-7.250 EPS. Equities analysts predict that Magna International will post 6.82 EPS for the current year.

Hedge Funds Weigh In On Magna International

Hedge funds and other institutional investors have recently modified their holdings of the stock. Community Bank N.A. bought a new position in shares of Magna International during the third quarter worth $29,000. EverSource Wealth Advisors LLC lifted its position in Magna International by 35.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 779 shares of the company’s stock valued at $42,000 after purchasing an additional 205 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new position in Magna International during the fourth quarter valued at $49,000. Atlas Capital Advisors Inc. bought a new position in Magna International during the fourth quarter valued at $67,000. Finally, Danske Bank A S bought a new position in Magna International during the third quarter valued at $112,000. Institutional investors own 67.49% of the company’s stock.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.