The Goldman Sachs Group Downgrades Magna International (NYSE:MGA) to Sell

Magna International (NYSE:MGA) (TSE:MG) was downgraded by equities research analysts at The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a report issued on Wednesday, MarketBeat reports. They currently have a $41.00 target price on the stock, down from their previous target price of $42.00. The Goldman Sachs Group’s price objective would indicate a potential downside of 8.71% from the company’s previous close.

A number of other research firms also recently issued reports on MGA. StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Morgan Stanley downgraded shares of Magna International from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $55.00 to $43.00 in a research report on Wednesday, September 25th. Wells Fargo & Company upped their price target on shares of Magna International from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, November 4th. Scotiabank lifted their price objective on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Monday, November 4th. Finally, Royal Bank of Canada reduced their price objective on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating for the company in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $49.76.

Magna International Trading Down 0.3 %

MGA stock opened at $44.91 on Wednesday. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32. The firm’s 50-day moving average is $43.22 and its 200 day moving average is $42.53. The company has a market capitalization of $12.90 billion, a PE ratio of 12.01, a P/E/G ratio of 0.83 and a beta of 1.61. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion for the quarter, compared to analysts’ expectations of $10.34 billion. Magna International had a return on equity of 11.88% and a net margin of 2.52%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same period last year, the business posted $1.46 earnings per share. On average, research analysts anticipate that Magna International will post 5.22 EPS for the current year.

Hedge Funds Weigh In On Magna International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DGS Capital Management LLC increased its holdings in shares of Magna International by 25.5% in the third quarter. DGS Capital Management LLC now owns 9,976 shares of the company’s stock valued at $409,000 after purchasing an additional 2,027 shares during the period. Toronto Dominion Bank boosted its position in Magna International by 1.2% in the third quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after buying an additional 18,704 shares during the last quarter. Geode Capital Management LLC increased its holdings in Magna International by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock worth $46,799,000 after buying an additional 32,000 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Magna International during the 3rd quarter worth approximately $1,040,000. Finally, ARGA Investment Management LP acquired a new stake in Magna International during the 3rd quarter valued at approximately $40,710,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.