Royal Bank of Canada Lowers Magna International (NYSE:MGA) Price Target to $57.00

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by equities research analysts at Royal Bank of Canada from $59.00 to $57.00 in a note issued to investors on Monday, BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 31.19% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. BNP Paribas raised shares of Magna International from a “neutral” rating to an “outperform” rating in a research note on Monday, July 1st. The Goldman Sachs Group lowered their target price on shares of Magna International from $56.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Raymond James lowered their target price on shares of Magna International from $60.00 to $57.00 and set a “market perform” rating on the stock in a research report on Monday, May 6th. UBS Group lowered their target price on shares of Magna International from $51.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company lowered their target price on shares of Magna International from $49.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 25th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $53.82.

Magna International Stock Down 0.2 %

Shares of NYSE MGA traded down $0.08 during mid-day trading on Monday, reaching $43.45. The company had a trading volume of 776,757 shares, compared to its average volume of 1,558,764. Magna International has a twelve month low of $40.83 and a twelve month high of $65.27. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.09. The stock has a market capitalization of $12.48 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 0.59 and a beta of 1.59. The stock’s 50 day moving average is $43.69 and its 200-day moving average is $49.57.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a return on equity of 12.96% and a net margin of 2.35%. The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. During the same period last year, the company posted $1.11 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. As a group, equities analysts anticipate that Magna International will post 5.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 1620 Investment Advisors Inc. bought a new position in Magna International during the second quarter worth about $308,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Magna International during the second quarter worth about $28,000. EverSource Wealth Advisors LLC lifted its stake in Magna International by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after purchasing an additional 319 shares during the period. LRI Investments LLC bought a new position in Magna International during the first quarter worth about $36,000. Finally, Russell Investments Group Ltd. lifted its stake in Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after purchasing an additional 289,105 shares during the period. Institutional investors own 67.49% of the company’s stock.

About Magna International

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.