Magna International (NYSE:MGA) Stock Bumped Up to Buy by Wall Street Zen

Magna International (NYSE:MGA) (TSE:MG) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also weighed in on the stock. Canadian Imperial Bank of Commerce lowered shares of Magna International from an “outperformer” rating to a “hold” rating and dropped their price target for the company from $78.00 to $70.00 in a research report on Wednesday, October 21st. JPMorgan Chase & Co. cut shares of Magna International from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $77.00 to $72.00 in a research report on Tuesday, September 15th. TD cut their target price on Magna International from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Magna International in a research report on Tuesday, October 27th. Finally, Morgan Stanley dropped their price target on Magna International from $69.00 to $68.00 and set an “equal weight” rating on the stock in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Magna International currently has an average rating of “Hold” and a consensus price target of $68.33.

Magna International Stock Down 1.0%

MGA stock opened at $61.73 on Friday. Magna International has a twelve month low of $45.33 and a twelve month high of $73.22. The company has a quick ratio of 0.80, a current ratio of 1.14 and a debt-to-equity ratio of 0.33. The stock’s 50 day moving average is $64.30 and its 200-day moving average is $63.08. The firm has a market capitalization of $15.95 billion, a PE ratio of 19.78, a P/E/G ratio of 0.67 and a beta of 1.46.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, October 30th. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.25. The company had revenue of $9.86 billion for the quarter, compared to analysts’ expectations of $10.01 billion. Magna International had a return on equity of 16.26% and a net margin of 1.99%. Magna International’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.33 earnings per share. Sell-side analysts expect that Magna International will post 7.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Magna International

Institutional investors have recently added to or reduced their stakes in the business. Frank Rimerman Advisors LLC boosted its stake in Magna International by 2.4% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 6,744 shares of the company’s stock valued at $429,000 after purchasing an additional 156 shares during the last quarter. Cordatus Wealth Management LLC boosted its position in shares of Magna International by 2.8% during the third quarter. Cordatus Wealth Management LLC now owns 6,181 shares of the company’s stock valued at $394,000 after buying an additional 168 shares during the last quarter. Steph & Co. raised its position in Magna International by 2.1% in the 3rd quarter. Steph & Co. now owns 8,373 shares of the company’s stock worth $533,000 after buying an additional 172 shares during the last quarter. Ieq Capital LLC raised its position in Magna International by 1.1% in the 3rd quarter. Ieq Capital LLC now owns 23,796 shares of the company’s stock worth $1,515,000 after buying an additional 251 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in Magna International by 9.1% in the 1st quarter. Parallel Advisors LLC now owns 3,299 shares of the company’s stock worth $184,000 after buying an additional 275 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

About Magna International

Magna International is a Canadian mobility technology supplier that designs and manufactures components, systems and complete vehicles for automakers. Its products and services support a range of vehicle types, including those with electric and advanced driver-assistance technologies. The company’s operations include body and exterior systems, seating, powertrain and electronics, as well as vehicle engineering and contract manufacturing. Its portfolio also includes products such as mirrors, lighting systems and roof systems.