Magna International (NYSE:MGA) Downgraded by Bank of America to Neutral

Magna International (NYSE:MGA) (TSE:MG) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. They currently have a $48.00 price objective on the stock, down from their previous price objective of $52.00. Bank of America‘s target price suggests a potential upside of 35.79% from the company’s previous close.

Other analysts have also issued reports about the stock. Raymond James cut their price target on shares of Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a research report on Tuesday, February 18th. Wells Fargo & Company dropped their target price on Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, December 16th. CIBC raised their price target on Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. TD Securities lowered their price objective on Magna International from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Finally, StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $47.88.

Magna International Stock Performance

NYSE:MGA opened at $35.35 on Tuesday. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 0.63 and a beta of 1.61. The business has a 50 day moving average of $39.82 and a 200 day moving average of $41.50. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77. Magna International has a 1-year low of $35.05 and a 1-year high of $56.12.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The firm had revenue of $10.63 billion during the quarter, compared to analyst estimates of $10.32 billion. During the same period in the previous year, the business posted $1.33 EPS. The business’s quarterly revenue was up 1.7% on a year-over-year basis. On average, sell-side analysts predict that Magna International will post 5.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

A number of institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its position in Magna International by 11.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock valued at $8,644,000 after acquiring an additional 21,532 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Magna International by 6.6% in the 3rd quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock valued at $517,000 after purchasing an additional 766 shares during the period. Kennebec Savings Bank bought a new stake in shares of Magna International during the third quarter valued at approximately $32,000. Strengthening Families & Communities LLC grew its stake in Magna International by 10.7% in the third quarter. Strengthening Families & Communities LLC now owns 43,484 shares of the company’s stock worth $1,785,000 after purchasing an additional 4,209 shares during the period. Finally, Quantbot Technologies LP grew its stake in Magna International by 12.5% in the third quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock worth $6,128,000 after purchasing an additional 16,639 shares during the period. 67.49% of the stock is owned by institutional investors.

Magna International Company Profile

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.