Magna International (MGA) Given New $72.00 Price Target at Royal Bank of Canada

Magna International (NYSE:MGA) (TSE:MG) had its target price boosted by Royal Bank of Canada from $70.00 to $72.00 in a research report released on Friday morning. Royal Bank of Canada currently has an outperform rating on the stock.

MGA has been the subject of several other research reports. CIBC upgraded shares of Magna International from a neutral rating to an outperform rating in a research report on Thursday, September 13th. Zacks Investment Research upgraded shares of Magna International from a sell rating to a hold rating in a research report on Tuesday, September 11th. Barclays started coverage on shares of Magna International in a research report on Wednesday, October 10th. They issued an equal weight rating for the company. ValuEngine cut shares of Magna International from a hold rating to a sell rating in a research report on Thursday, October 4th. Finally, Citigroup lowered their price objective on shares of Magna International from $69.00 to $62.00 and set a buy rating for the company in a research report on Friday, October 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $67.07.

MGA traded down $2.44 during midday trading on Friday, hitting $49.48. The company had a trading volume of 1,812,362 shares, compared to its average volume of 1,664,034. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $16.59 billion, a PE ratio of 8.30, a PEG ratio of 0.86 and a beta of 1.32. Magna International has a twelve month low of $45.73 and a twelve month high of $67.47.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Thursday, November 8th. The company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.07. The firm had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Magna International had a net margin of 5.72% and a return on equity of 19.72%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.36 EPS. On average, research analysts predict that Magna International will post 6.77 EPS for the current year.

Several large investors have recently modified their holdings of MGA. Kendall Capital Management grew its holdings in Magna International by 6.0% during the second quarter. Kendall Capital Management now owns 19,710 shares of the company’s stock valued at $1,146,000 after purchasing an additional 1,115 shares during the period. Icon Advisers Inc. Co. grew its holdings in Magna International by 0.5% during the second quarter. Icon Advisers Inc. Co. now owns 233,453 shares of the company’s stock valued at $13,571,000 after purchasing an additional 1,200 shares during the period. Aperio Group LLC grew its holdings in Magna International by 0.4% during the third quarter. Aperio Group LLC now owns 374,145 shares of the company’s stock valued at $19,654,000 after purchasing an additional 1,337 shares during the period. Regent Investment Management LLC grew its holdings in Magna International by 23.9% during the third quarter. Regent Investment Management LLC now owns 8,860 shares of the company’s stock valued at $465,000 after purchasing an additional 1,710 shares during the period. Finally, CLARET ASSET MANAGEMENT Corp grew its holdings in Magna International by 27.3% during the third quarter. CLARET ASSET MANAGEMENT Corp now owns 8,326 shares of the company’s stock valued at $437,000 after purchasing an additional 1,788 shares during the period. Institutional investors own 60.18% of the company’s stock.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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