Magna International (NYSE:MGA) Reaches New 12-Month High – Here’s What Happened

Magna International Inc. (NYSE:MGA) (TSE:MG)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $57.89 and last traded at $57.6160, with a volume of 471839 shares changing hands. The stock had previously closed at $56.22.

Analyst Upgrades and Downgrades

MGA has been the topic of several research analyst reports. Evercore lifted their price target on Magna International from $47.00 to $52.00 and gave the stock an “in-line” rating in a research report on Monday, November 24th. Wells Fargo & Company lifted their target price on shares of Magna International from $50.00 to $58.00 and gave the company an “equal weight” rating in a report on Monday, January 12th. Barclays upped their price target on shares of Magna International from $52.00 to $58.00 and gave the company an “equal weight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. raised their price objective on shares of Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Finally, Morgan Stanley lifted their price objective on shares of Magna International from $38.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, December 8th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $52.80.

Magna International Stock Performance

The stock’s 50-day moving average is $53.48 and its 200 day moving average is $48.70. The stock has a market cap of $16.02 billion, a price-to-earnings ratio of 15.70 and a beta of 1.50. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its position in Magna International by 35.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 779 shares of the company’s stock worth $42,000 after acquiring an additional 205 shares in the last quarter. 1620 Investment Advisors Inc. grew its stake in shares of Magna International by 2.7% during the 4th quarter. 1620 Investment Advisors Inc. now owns 8,232 shares of the company’s stock worth $439,000 after purchasing an additional 215 shares during the period. Integrated Wealth Concepts LLC increased its holdings in shares of Magna International by 1.8% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 14,241 shares of the company’s stock valued at $675,000 after purchasing an additional 246 shares in the last quarter. Kendall Capital Management lifted its stake in shares of Magna International by 4.4% in the third quarter. Kendall Capital Management now owns 8,835 shares of the company’s stock valued at $419,000 after purchasing an additional 370 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Magna International by 6.0% in the third quarter. Van ECK Associates Corp now owns 8,879 shares of the company’s stock valued at $421,000 after purchasing an additional 505 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

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.