Royal Bank of Canada Issues Pessimistic Forecast for Magna International (NYSE:MGA) Stock Price

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its price target decreased by stock analysts at Royal Bank of Canada from $42.00 to $41.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank of Canada's target price points to a potential downside of 2.71% from the company's current price.

Several other brokerages also recently weighed in on MGA. Evercore ISI cut their price target 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. CIBC lowered their price objective on Magna International from $50.00 to $47.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 6th. JPMorgan Chase & Co. lowered their price objective on Magna International from $63.00 to $55.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 6th. Scotiabank upped their price objective on Magna International from $50.00 to $52.00 and gave the stock a "sector perform" rating in a research report on Monday. Finally, Wolfe Research restated an "underperform" rating on shares of Magna International in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $49.76.

Magna International Trading Up 0.4 %

MGA traded up $0.17 during trading on Monday, reaching $42.14. The company had a trading volume of 1,694,258 shares, compared to its average volume of 1,588,922. The stock has a market cap of $12.11 billion, a P/E ratio of 12.32, a PEG ratio of 0.63 and a beta of 1.59. The business has a 50 day simple moving average of $41.34 and a 200-day simple moving average of $43.11. Magna International has a 52 week low of $38.01 and a 52 week high of $60.32. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). The business had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm's revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 earnings per share. On average, equities analysts anticipate that Magna International will post 5.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Magna International

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JARISLOWSKY FRASER Ltd lifted its stake in Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company's stock worth $299,543,000 after purchasing an additional 395,745 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company's stock worth $60,118,000 after purchasing an additional 289,105 shares during the last quarter. Quantbot Technologies LP lifted its stake in Magna International by 616.1% during the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company's stock worth $5,560,000 after purchasing an additional 114,160 shares during the last quarter. Millennium Management LLC lifted its stake in Magna International by 135.5% during the second 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 during the last quarter. Finally, Toronto Dominion Bank lifted its stake in Magna International by 1.9% during the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company's stock worth $67,426,000 after purchasing an additional 30,361 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company's stock.

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.