JPMorgan Chase & Co. Increases Magna International (NYSE:MGA) Price Target to $71.00

Magna International (NYSE:MGA) (TSE:MG) had its target price lifted by analysts at JPMorgan Chase & Co. from $69.00 to $71.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 42.68% from the company’s previous close.

MGA has been the subject of several other research reports. Royal Bank of Canada lowered their target price on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating for the company in a report on Monday, February 12th. Scotiabank lowered their target price on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a report on Monday, February 12th. Raymond James lowered their target price on shares of Magna International from $62.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, February 12th. CIBC decreased their price objective on shares of Magna International from $61.00 to $59.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Finally, StockNews.com lowered shares of Magna International from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $62.50.

Magna International Price Performance

MGA stock opened at $49.76 on Monday. Magna International has a 52 week low of $46.71 and a 52 week high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $53.09 and a two-hundred day simple moving average of $54.25. The firm has a market capitalization of $14.30 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 0.49 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.13). The business had revenue of $10.45 billion for the quarter, compared to the consensus estimate of $10.44 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. Magna International’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. Analysts anticipate that Magna International will post 6.11 earnings per share for the current fiscal year.

Institutional Trading of Magna International

Several institutional investors and hedge funds have recently bought and sold shares of the business. QV Investors Inc. lifted its stake in Magna International by 1.0% during the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock valued at $36,378,000 after acquiring an additional 6,895 shares during the period. Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Magna International in the 1st quarter valued at $49,000. Sunbelt Securities Inc. lifted its stake in shares of Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares during the period. Syon Capital LLC acquired a new position in shares of Magna International in the 4th quarter valued at $250,000. Finally, Azimuth Capital Investment Management LLC lifted its stake in shares of Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after purchasing an additional 53,695 shares during the period. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.