TD Securities upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a research report sent to investors on Thursday, MarketBeat.com reports. TD Securities currently has $60.00 price target on the stock, up from their prior price target of $58.00.
A number of other equities analysts have also recently commented on MGA. CIBC upgraded Magna International from a neutral rating to an outperform rating in a report on Thursday, September 13th. Zacks Investment Research upgraded Magna International from a sell rating to a hold rating in a report on Tuesday, September 25th. Wolfe Research initiated coverage on Magna International in a report on Tuesday, October 2nd. They set an outperform rating for the company. ValuEngine cut Magna International from a hold rating to a sell rating in a report on Thursday, October 4th. Finally, Barclays initiated coverage on Magna International in a report on Wednesday, October 10th. They set an equal weight rating for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. Magna International currently has an average rating of Buy and a consensus target price of $65.57.
Shares of Magna International stock opened at $50.24 on Thursday. Magna International has a 12 month low of $42.88 and a 12 month high of $67.47. The stock has a market cap of $16.40 billion, a P/E ratio of 8.43, a PEG ratio of 0.81 and a beta of 1.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.19 and a quick ratio of 0.86.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Thursday, November 8th. The company reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.07. Magna International had a return on equity of 19.98% and a net margin of 5.83%. The company had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.62 billion. During the same period last year, the business posted $1.36 EPS. Magna International’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities analysts expect that Magna International will post 6.72 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the business. Midas Management Corp raised its position in shares of Magna International by 16.0% during the 3rd quarter. Midas Management Corp now owns 61,500 shares of the company’s stock worth $3,231,000 after acquiring an additional 8,500 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Magna International by 25.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,575,923 shares of the company’s stock worth $82,485,000 after acquiring an additional 320,758 shares in the last quarter. CLARET ASSET MANAGEMENT Corp raised its position in shares of Magna International by 27.3% during the 3rd quarter. CLARET ASSET MANAGEMENT Corp now owns 8,326 shares of the company’s stock worth $437,000 after acquiring an additional 1,788 shares in the last quarter. Glen Harbor Capital Management LLC acquired a new stake in shares of Magna International during the 2nd quarter worth about $140,000. Finally, Nomura Holdings Inc. raised its position in shares of Magna International by 48.8% during the 2nd quarter. Nomura Holdings Inc. now owns 11,047 shares of the company’s stock worth $642,000 after acquiring an additional 3,624 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors.
About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.
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