Edward Jones Downgrades Magna International, Inc. (MGA) to Hold
Several other analysts have also recently weighed in on the stock. BidaskClub cut shares of Magna International from a buy rating to a hold rating in a research note on Monday, July 24th. Zacks Investment Research cut shares of Magna International from a hold rating to a sell rating in a research note on Tuesday, July 18th. Cormark raised shares of Magna International from a buy rating to a top pick rating in a research note on Tuesday, July 11th. Morgan Stanley lowered their price objective on shares of Magna International from $60.00 to $56.00 and set an overweight rating for the company in a research report on Friday, June 9th. Finally, ValuEngine cut shares of Magna International from a strong-buy rating to a buy rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $51.00.
Shares of Magna International (NYSE:MGA) opened at 47.74 on Wednesday. The company has a market cap of $18.15 billion, a P/E ratio of 8.73 and a beta of 1.44. The firm has a 50-day moving average of $46.45 and a 200 day moving average of $44.08. Magna International has a 52 week low of $36.77 and a 52 week high of $48.90.
Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Thursday, May 11th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.19. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same quarter in the prior year, the company posted $1.22 EPS. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts expect that Magna International will post $5.76 EPS for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. raised its stake in Magna International by 2,712.5% in the second quarter. Cardinal Capital Management Inc. now owns 987,200 shares of the company’s stock worth $45,676,000 after buying an additional 952,100 shares during the period. Russell Investments Group Ltd. raised its stake in Magna International by 34.8% in the second quarter. Russell Investments Group Ltd. now owns 2,020,359 shares of the company’s stock worth $93,453,000 after buying an additional 521,929 shares during the period. United Services Automobile Association raised its stake in Magna International by 137.6% in the first quarter. United Services Automobile Association now owns 718,747 shares of the company’s stock worth $31,021,000 after buying an additional 416,297 shares during the period. Schroder Investment Management Group raised its stake in Magna International by 28.4% in the first quarter. Schroder Investment Management Group now owns 1,852,568 shares of the company’s stock worth $107,838,000 after buying an additional 410,007 shares during the period. Finally, Scout Investments Inc. raised its stake in Magna International by 49.4% in the first quarter. Scout Investments Inc. now owns 1,169,386 shares of the company’s stock worth $50,237,000 after buying an additional 386,447 shares during the period. Institutional investors own 61.27% of the company’s stock.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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