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

Magna International (NYSE:MGA) (TSE:MG) had its price objective hoisted by equities research analysts at Barclays from $52.00 to $58.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 8.33% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets increased their target price on shares of Magna International from $49.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. JPMorgan Chase & Co. increased their price objective on shares of Magna International from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Wells Fargo & Company boosted their target price on Magna International from $50.00 to $58.00 and gave the stock an “equal weight” rating in a report on Monday, January 12th. Scotiabank increased their price target on Magna International from $47.00 to $52.00 and gave the company a “sector perform” rating in a research note on Monday, November 3rd. Finally, Wall Street Zen raised Magna International from a “buy” rating to a “strong-buy” rating in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $52.47.

Magna International Trading Down 1.3%

Shares of NYSE:MGA opened at $53.54 on Friday. The company has a market cap of $15.00 billion, a PE ratio of 14.63 and a beta of 1.50. The company’s 50-day moving average price is $52.27 and its 200 day moving average price is $47.63. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $57.55. The company has a quick ratio of 0.83, a current ratio of 1.18 and a debt-to-equity ratio of 0.38.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.24 by $0.09. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The firm had revenue of $10.50 billion for the quarter, compared to analysts’ expectations of $10.03 billion. During the same period last year, the firm earned $1.28 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. Sell-side analysts anticipate that Magna International will post 5.87 earnings per share for the current year.

Institutional Trading of Magna International

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Community Bank N.A. acquired a new position in shares of Magna International in the third quarter worth about $29,000. LRI Investments LLC purchased a new stake in shares of Magna International in the 2nd quarter valued at approximately $27,000. Farther Finance Advisors LLC grew its position in Magna International by 385.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock worth $55,000 after purchasing an additional 1,136 shares in the last quarter. Danske Bank A S purchased a new position in Magna International during the 3rd quarter worth approximately $112,000. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Magna International in the fourth quarter valued at $200,000. 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.