Magna International (NYSE:MGA) Downgraded by StockNews.com to Hold

Magna International (NYSE:MGAGet Free Report) (TSE:MG) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

MGA has been the topic of a number of other reports. TheStreet lowered Magna International from a “b-” rating to a “c+” rating in a research note on Friday, November 10th. Barclays cut their price objective on Magna International from $65.00 to $63.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Wells Fargo & Company cut their price objective on Magna International from $60.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday. Royal Bank of Canada cut their price objective on Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Monday. Finally, Citigroup cut their price objective on Magna International from $60.00 to $57.00 and set a “neutral” rating on the stock in a report on Monday. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $64.00.

Read Our Latest Research Report on MGA

Magna International Price Performance

Magna International stock traded up $0.95 during trading hours on Monday, hitting $55.64. The stock had a trading volume of 1,630,239 shares, compared to its average volume of 1,176,401. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.11 and a quick ratio of 0.75. The stock has a market capitalization of $15.96 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 0.44 and a beta of 1.71. Magna International has a 1-year low of $46.71 and a 1-year high of $65.27. The stock’s fifty day moving average is $56.68 and its two-hundred day moving average is $55.68.

Magna International (NYSE:MGAGet Free Report) (TSE:MG) last posted its quarterly earnings data on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). Magna International had a net margin of 2.83% and a return on equity of 13.33%. The company had revenue of $10.45 billion for the quarter, compared to analyst estimates of $10.44 billion. During the same period in the previous year, the business earned $0.91 EPS. The firm’s revenue was up 9.3% on a year-over-year basis. As a group, analysts predict that Magna International will post 6.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magna International

Hedge funds have recently modified their holdings of the stock. Pzena Investment Management LLC increased its position in Magna International by 58.2% in the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares during the last quarter. Toronto Dominion Bank boosted its stake in Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after purchasing an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Magna International by 18.5% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after acquiring an additional 147,950 shares during the period. QV Investors Inc. lifted its position in shares of Magna International by 20.7% during the 4th quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock worth $39,202,000 after buying an additional 113,332 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Magna International by 13.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 648,874 shares of the company’s stock valued at $36,621,000 after purchasing an additional 77,520 shares in the last quarter. 62.21% of the stock is owned by hedge funds and other institutional investors.

About Magna International

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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.

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Analyst Recommendations for Magna International (NYSE:MGA)

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