Magna International (NYSE:MGA) Given New $69.00 Price Target at Citigroup

Magna International (NYSE:MGA) (TSE:MG) had its price objective dropped by stock analysts at Citigroup from $75.00 to $69.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup‘s price objective would suggest a potential upside of 10.13% from the stock’s previous close.

Several other analysts have also issued reports on MGA. Barclays lifted their target price on shares of Magna International from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, October 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Magna International in a research note on Tuesday, October 27th. TD decreased their price objective on Magna International from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Scotiabank lifted their target price on shares of Magna International from $74.00 to $78.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 3rd. Finally, BMO Capital Markets lowered shares of Magna International from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $76.00 to $70.00 in a report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $68.33.

Magna International Price Performance

Shares of NYSE:MGA traded up $0.79 during midday trading on Monday, reaching $62.65. 417,992 shares of the company’s stock traded hands, compared to its average volume of 1,477,738. Magna International has a 1 year low of $45.33 and a 1 year high of $73.22. The company has a market cap of $16.19 billion, a P/E ratio of 20.06, a PEG ratio of 0.66 and a beta of 1.46. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.80 and a current ratio of 1.14. The company has a fifty day simple moving average of $64.64 and a two-hundred day simple moving average of $62.86.

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

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently modified their holdings of MGA. Oslo Pensjonsforsikring AS acquired a new position in shares of Magna International during the 1st quarter valued at about $45,000. Addison Advisors LLC acquired a new stake in Magna International during the third quarter worth about $63,000. Versant Capital Management Inc increased its position in Magna International by 53.9% during the third quarter. Versant Capital Management Inc now owns 1,171 shares of the company’s stock worth $75,000 after purchasing an additional 410 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Magna International by 115.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,675 shares of the company’s stock worth $93,000 after purchasing an additional 896 shares during the period. Finally, Jacobi Capital Management LLC purchased a new position in Magna International during the third quarter worth about $157,000. 67.49% of the stock is owned by institutional investors and hedge funds.

Magna International Company Profile

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.

Founded in 1957 by Frank Stronach as Multimatic, the company adopted the Magna name in 1973.