Magna International (NYSE:MGA) Price Target Cut to $53.00

Posted by on Feb 15th, 2023

Magna International (NYSE:MGA – Get Rating) (TSE:MG) had its target price reduced by Citigroup from $66.00 to $53.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential downside of 5.12% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Morgan Stanley dropped their price objective on Magna International from $79.00 to $72.00 and set an “overweight” rating on the stock in a research note on Monday, November 7th. Royal Bank of Canada dropped their price objective on Magna International from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Tuesday. Wells Fargo & Company dropped their price objective on Magna International from $62.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday. Bank of America lowered Magna International from a “buy” rating to a “neutral” rating and lowered their price target for the company from $102.00 to $72.00 in a research note on Monday, January 9th. Finally, Benchmark lowered their price target on Magna International from $77.00 to $73.00 and set a “buy” rating on the stock in a research note on Tuesday, November 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Magna International has a consensus rating of “Hold” and an average price target of $63.08.

Magna International Price Performance

Shares of NYSE:MGA opened at $55.86 on Monday. Magna International has a fifty-two week low of $45.58 and a fifty-two week high of $80.28. The business has a 50-day moving average of $60.51 and a two-hundred day moving average of $58.23. The stock has a market capitalization of $15.97 billion, a P/E ratio of 27.79, a P/E/G ratio of 0.68 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.27 and a quick ratio of 0.86.

Magna International (NYSE:MGA – Get Rating) (TSE:MG) last announced its quarterly earnings results on Friday, February 10th. The company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.33). Magna International had a return on equity of 10.47% and a net margin of 1.56%. The company had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.51 billion. During the same period in the prior year, the firm earned $1.30 EPS. Magna International’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts predict that Magna International will post 5.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Grayhawk Investment Strategies Inc. acquired a new position in shares of Magna International in the 2nd quarter worth approximately $30,000. Quent Capital LLC boosted its holdings in shares of Magna International by 616.7% in the 2nd quarter. Quent Capital LLC now owns 516 shares of the company’s stock worth $28,000 after acquiring an additional 444 shares in the last quarter. Hollencrest Capital Management acquired a new position in shares of Magna International in the 4th quarter worth approximately $43,000. Parallel Advisors LLC boosted its holdings in shares of Magna International by 85.4% in the 4th quarter. Parallel Advisors LLC now owns 1,331 shares of the company’s stock worth $75,000 after acquiring an additional 613 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Magna International by 3,219.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,560 shares of the company’s stock worth $88,000 after buying an additional 1,513 shares in the last quarter. 59.63% of the stock is owned by institutional investors and hedge funds.

Magna International Company Profile

(Get Rating)

Magna International, Inc is a mobility technology company, which engages in the design, engineering, and manufacturing of automotive supplies. It operates through the following segments: Body Exteriors and Structures, Power and Vision, Seating Systems, and Complete Vehicles. The Body Exteriors and Structures segment includes body and chassis systems, exterior systems, and roof systems operations.

Read More

Analyst Recommendations for Magna International (NYSE:MGA)

Receive News & Ratings for Magna International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magna International and related companies with MarketBeat.com's FREE daily email newsletter.