The Goldman Sachs Group Trims Magna International (NYSE:MGA) Target Price to $41.00

Magna International (NYSE:MGA) (TSE:MG) had its target price cut by investment analysts at The Goldman Sachs Group from $44.00 to $41.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 0.69% from the stock’s previous close.

Several other analysts have also recently commented on MGA. Citigroup lowered their target price on Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. CIBC cut their price objective on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Royal Bank of Canada decreased their target price on shares of Magna International from $57.00 to $47.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. BNP Paribas raised shares of Magna International from a “neutral” rating to an “outperform” rating in a research note on Monday, July 1st. Finally, Raymond James reduced their price target on shares of Magna International from $57.00 to $53.00 and set a “market perform” rating for the company in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $49.94.

Magna International Stock Performance

Shares of MGA opened at $41.29 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The firm has a fifty day moving average of $41.14 and a 200-day moving average of $44.89. The company has a market cap of $11.86 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 0.65 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $11.01 billion. During the same quarter last year, the company posted $1.50 EPS. Magna International’s revenue for the quarter was down .2% on a year-over-year basis. As a group, equities analysts anticipate that Magna International will post 5.5 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank boosted its position in shares of Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after purchasing an additional 30,361 shares during the period. Quantbot Technologies LP acquired a new stake in Magna International during the 1st quarter worth about $1,009,000. Forsta AP Fonden lifted its stake in Magna International by 20.4% during the first quarter. Forsta AP Fonden now owns 64,800 shares of the company’s stock valued at $3,533,000 after buying an additional 11,000 shares in the last quarter. LRI Investments LLC acquired a new position in shares of Magna International in the first quarter worth about $36,000. Finally, BNP Paribas Financial Markets increased its position in shares of Magna International by 202.7% in the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock worth $1,433,000 after acquiring an additional 17,611 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.