Scotiabank Issues Pessimistic Forecast for Magna International (NYSE:MGA) Stock Price

Magna International (NYSE:MGA) (TSE:MG) had its price objective reduced by equities researchers at Scotiabank from $52.00 to $49.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 18.61% from the stock’s current price.

MGA has been the topic of several other reports. Wells Fargo & Company cut their price objective on Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, December 16th. StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. UBS Group upped their target price on Magna International from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. CIBC upped their target price on Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. Finally, Royal Bank of Canada raised Magna International from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $52.00 in a research report on Friday. One analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Magna International currently has a consensus rating of “Hold” and an average price target of $50.35.

Magna International Stock Performance

MGA traded up $0.14 during trading on Monday, hitting $41.31. The stock had a trading volume of 447,550 shares, compared to its average volume of 1,178,603. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14. The company’s 50-day moving average price is $42.77 and its 200 day moving average price is $42.16. Magna International has a twelve month low of $38.01 and a twelve month high of $59.37. The firm has a market capitalization of $11.69 billion, a P/E ratio of 11.05, a PEG ratio of 0.63 and a beta of 1.62.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same quarter last year, the company posted $1.46 EPS. Magna International’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, equities research analysts forecast that Magna International will post 5.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. ARGA Investment Management LP boosted its position in shares of Magna International by 158.1% in the 4th quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock valued at $107,049,000 after purchasing an additional 1,568,953 shares during the period. Millennium Management LLC grew its position in Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after purchasing an additional 93,637 shares in the last quarter. BNP Paribas Financial Markets grew its position in Magna International by 117,113.9% in the third quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after acquiring an additional 84,322 shares in the last quarter. Geode Capital Management LLC grew its position in Magna International by 2.9% in the third quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock worth $46,799,000 after acquiring an additional 32,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Magna International during the 3rd quarter worth $1,040,000. 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.