Magna International (NYSE:MGA) Shares Gap Up - What's Next?

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG shares gapped up prior to trading on Friday . The stock had previously closed at $39.47, but opened at $42.10. Magna International shares last traded at $42.90, with a volume of 674,297 shares.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Evercore lowered their target price on shares of Magna International from $60.00 to $50.00 and set an "in-line" rating on the stock in a report on Monday, July 15th. Bank of America cut their target price on Magna International from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Monday, July 22nd. Wolfe Research reiterated an "underperform" rating on shares of Magna International in a research report on Thursday, September 5th. Evercore ISI reduced their price objective on shares of Magna International from $60.00 to $50.00 and set an "in-line" rating for the company in a research note on Monday, July 15th. Finally, Morgan Stanley lowered shares of Magna International from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $55.00 to $43.00 in a report on Wednesday, September 25th. 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 stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $49.65.

Magna International Stock Performance

The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average price of $41.36 and a 200 day moving average price of $43.23. The stock has a market cap of $12.06 billion, a PE ratio of 12.46, a P/E/G ratio of 0.66 and a beta of 1.59.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its quarterly earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts' consensus estimates of $1.46 by ($0.11). The business had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The company's revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the company earned $1.50 EPS. Analysts expect that Magna International Inc. will post 5.4 earnings per share for the current year.

Institutional Investors Weigh In On Magna International

Several institutional investors and hedge funds have recently modified their holdings of the stock. JARISLOWSKY FRASER Ltd increased its stake in shares of Magna International by 5.9% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company's stock worth $299,543,000 after acquiring an additional 395,745 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company's stock valued at $60,118,000 after purchasing an additional 289,105 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of Magna International by 616.1% during the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company's stock valued at $5,560,000 after purchasing an additional 114,160 shares during the last quarter. Millennium Management LLC boosted its position in shares of Magna International by 135.5% in the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company's stock worth $6,818,000 after purchasing an additional 93,637 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake 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 worth $67,426,000 after buying an additional 30,361 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.