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

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its price target reduced by research analysts at The Goldman Sachs Group from $44.00 to $41.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective suggests a potential upside of 0.10% from the company's previous close.

A number of other equities analysts also recently commented on MGA. Bank of America decreased their target price on Magna International from $65.00 to $62.00 and set a "buy" rating for the company in a report on Monday, July 22nd. Scotiabank lowered their price objective on Magna International from $52.00 to $50.00 and set a "sector perform" rating for the company in a research report on Tuesday, August 6th. Wolfe Research reiterated an "underperform" rating on shares of Magna International in a research note on Thursday, September 5th. Citigroup lowered their price target on shares of Magna International from $52.00 to $47.00 and set a "neutral" rating for the company in a research report on Friday, July 12th. Finally, BMO Capital Markets decreased their target price on shares of Magna International from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Monday, July 22nd. One research 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's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $49.94.

Magna International Trading Down 0.2 %

Magna International stock traded down $0.08 during trading hours on Tuesday, reaching $40.96. The company had a trading volume of 1,235,900 shares, compared to its average volume of 1,617,110. The firm has a market cap of $11.77 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 0.65 and a beta of 1.59. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. The company has a 50-day moving average price of $41.19 and a 200 day moving average price of $44.97.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). The firm had revenue of $10.96 billion for the quarter, compared to analysts' expectations of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. During the same period in the previous year, the company earned $1.50 EPS. The company's quarterly revenue was down .2% on a year-over-year basis. Equities analysts forecast that Magna International will post 5.5 earnings per share for the current year.

Institutional Investors Weigh In On Magna International

Hedge funds and other institutional investors have recently made changes to their positions in the business. Systematic Financial Management LP grew its position in shares of Magna International by 6.0% during the 2nd quarter. Systematic Financial Management LP now owns 41,695 shares of the company's stock valued at $1,747,000 after acquiring an additional 2,355 shares during the period. Millennium Management LLC increased its position in Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company's stock worth $6,818,000 after buying an additional 93,637 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Magna International by 1.9% in the second 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 period. Boston Research & Management Inc. raised its stake in shares of Magna International by 18.5% in the second quarter. Boston Research & Management Inc. now owns 66,360 shares of the company's stock worth $2,780,000 after buying an additional 10,345 shares during the period. Finally, JARISLOWSKY FRASER Ltd lifted its position in shares of Magna International by 5.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company's stock valued at $299,543,000 after buying an additional 395,745 shares in the last quarter. 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.