Royal Bank of Canada Cuts Magna International (NYSE:MGA) Price Target to $41.00

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by stock analysts at Royal Bank of Canada from $42.00 to $41.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target suggests a potential downside of 3.78% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Evercore ISI decreased their target price on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, July 15th. Bank of America cut their price target on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Barclays lowered their price objective on Magna International from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Wells Fargo & Company raised their target price on Magna International from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, BMO Capital Markets cut their price target on Magna International from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $49.82.

Magna International Price Performance

Shares of MGA traded up $0.64 during mid-day trading on Monday, reaching $42.61. The company had a trading volume of 127,799 shares, compared to its average volume of 1,581,441. The company has a market capitalization of $12.24 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 0.63 and a beta of 1.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. The company’s 50 day simple moving average is $41.34 and its 200 day simple moving average is $43.11. Magna International has a 1-year low of $38.01 and a 1-year high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20). The firm had revenue of $10.28 billion during the quarter, compared to analyst estimates of $10.34 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 EPS. Analysts expect that Magna International will post 5.4 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Magna International by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after acquiring an additional 319 shares during the last quarter. Grove Bank & Trust boosted its holdings in shares of Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after purchasing an additional 343 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after purchasing an additional 513 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Magna International during the 1st quarter valued at about $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Magna International in the second quarter worth approximately $28,000. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.