Magna International (TSE:MG) Downgraded by Canadian Imperial Bank of Commerce to Hold

Magna International (TSE:MG) (NYSE:MGA) was downgraded by equities researchers at Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Separately, BMO Capital Markets lowered shares of Magna International from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 17th. Two analysts have rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy”.

Magna International Trading Down 4.1%

TSE MG opened at C$89.51 on Wednesday. Magna International has a 12 month low of C$62.46 and a 12 month high of C$101.10. The stock has a 50-day simple moving average of C$92.32 and a 200 day simple moving average of C$90.45. The company has a current ratio of 1.22, a quick ratio of 0.83 and a debt-to-equity ratio of 55.07. The company has a market capitalization of C$23.95 billion, a PE ratio of 32.91, a P/E/G ratio of 0.45 and a beta of 2.02.

Magna International (TSE:MG) (NYSE:MGA) last posted its earnings results on Friday, July 31st. The company reported C$2.64 earnings per share (EPS) for the quarter. The company had revenue of C$15.60 billion during the quarter. Magna International had a return on equity of 6.15% and a net margin of 1.77%. Research analysts forecast that Magna International will post 8.89 EPS for the current year.

Insider Buying and Selling at Magna International

In other news, insider Bruce Cluney sold 5,000 shares of Magna International stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of C$95.22, for a total transaction of C$476,100.00. Following the transaction, the insider owned 40,239 shares in the company, valued at C$3,831,557.58. The trade was a 11.05% decrease in their position. 6.18% of the stock is owned by company insiders.

About Magna International

Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets-North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety and quality.