Magna International (NYSE:MGA) Price Target Cut to $60.00

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by equities research analysts at Barclays from $62.00 to $60.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 29.09% from the stock’s current price.

A number of other brokerages have also recently issued reports on MGA. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a report on Thursday. UBS Group boosted their price objective on Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, January 17th. Citigroup dropped their price objective on Magna International from $60.00 to $57.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. CIBC decreased their target price on shares of Magna International from $61.00 to $59.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Finally, Royal Bank of Canada dropped their price target on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating for the company in a research report on Monday, February 12th. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $60.00.

Magna International Price Performance

NYSE:MGA traded down $0.22 during mid-day trading on Monday, reaching $46.48. The stock had a trading volume of 1,326,601 shares, compared to its average volume of 1,426,996. Magna International has a one year low of $45.99 and a one year high of $65.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The firm has a 50 day moving average price of $52.00 and a two-hundred day moving average price of $53.95. The stock has a market capitalization of $13.35 billion, a P/E ratio of 13.17, a P/E/G ratio of 0.47 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a return on equity of 12.97% and a net margin of 2.35%. The business had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.97 billion. During the same quarter in the previous year, the firm posted $1.11 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. As a group, analysts expect that Magna International will post 6.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MGA. S.A. Mason LLC boosted its stake in Magna International by 24.4% during the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after acquiring an additional 229 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Magna International by 9.6% in the 3rd quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock worth $192,000 after purchasing an additional 312 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Magna International by 13.0% in the 1st quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock worth $165,000 after buying an additional 350 shares during the last quarter. Sunbelt Securities Inc. increased its position in Magna International by 2,179.2% during the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after buying an additional 523 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its stake in Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after buying an additional 526 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.