Magna International (NYSE:MGA) (TSE:MG) was upgraded by stock analysts at CIBC from a “neutral” rating to an “outperform” rating in a research note issued on Thursday, The Fly reports.

MGA has been the subject of several other research reports. ValuEngine lowered shares of Magna International from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Zacks Investment Research raised shares of Magna International from a “sell” rating to a “hold” rating in a research note on Tuesday. Citigroup lowered their target price on shares of Magna International from $77.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, August 9th. JPMorgan Chase & Co. increased their target price on shares of Magna International from $72.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, June 4th. Finally, Royal Bank of Canada lowered their target price on shares of Magna International from $76.00 to $74.00 and set an “outperform” rating for the company in a research note on Thursday, August 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. Magna International has a consensus rating of “Buy” and a consensus price target of $65.88.

Shares of MGA opened at $52.45 on Thursday. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.27. Magna International has a 12-month low of $48.63 and a 12-month high of $67.47. The stock has a market capitalization of $17.78 billion, a P/E ratio of 8.80, a PEG ratio of 0.89 and a beta of 1.37.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Wednesday, August 8th. The company reported $1.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.07). Magna International had a net margin of 5.72% and a return on equity of 19.72%. The firm had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.45 billion. During the same period in the prior year, the company posted $1.48 EPS. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. equities research analysts anticipate that Magna International will post 6.84 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Nomura Holdings Inc. raised its holdings in Magna International by 48.8% during the second quarter. Nomura Holdings Inc. now owns 11,047 shares of the company’s stock worth $642,000 after purchasing an additional 3,624 shares in the last quarter. Argent Trust Co acquired a new stake in Magna International during the second quarter worth approximately $913,000. Putnam Investments LLC raised its holdings in Magna International by 33.7% during the second quarter. Putnam Investments LLC now owns 61,234 shares of the company’s stock worth $3,560,000 after purchasing an additional 15,420 shares in the last quarter. Colony Group LLC acquired a new stake in Magna International during the second quarter worth approximately $267,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Magna International during the second quarter worth approximately $122,000. 60.60% of the stock is currently owned by institutional investors.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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Analyst Recommendations for Magna International (NYSE:MGA)

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