Magna International (NYSE:MGA) Stock Dropped to “Hold” by Canadian Imperial Bank of Commerce

Magna International (NYSE:MGA) (TSE:MG) was downgraded by analysts at Canadian Imperial Bank of Commerce from an “outperformer” rating to a “hold” rating in a research note issued to investors on Wednesday, Marketbeat reports. They presently have a $70.00 price target on the stock, down from their prior price target of $78.00. Canadian Imperial Bank of Commerce‘s price target points to a potential upside of 9.82% from the company’s previous close.

Several other brokerages also recently weighed in on MGA. Morgan Stanley dropped their target price on shares of Magna International from $69.00 to $68.00 and set an “equal weight” rating for the company in a report on Thursday, October 15th. BMO Capital Markets reissued a “market perform” rating and set a $70.00 price target (down from $76.00) on shares of Magna International in a report on Friday, September 18th. Wells Fargo & Company raised their price target on Magna International from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, August 3rd. Weiss Ratings upgraded Magna International from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Finally, TD dropped their price objective on Magna International from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $68.87.

Magna International Trading Down 4.0%

Magna International stock opened at $63.74 on Wednesday. Magna International has a 12-month low of $44.64 and a 12-month high of $73.22. The firm has a market capitalization of $16.88 billion, a price-to-earnings ratio of 9.84, a P/E/G ratio of 0.71 and a beta of 1.46. The firm has a 50 day moving average of $65.91 and a 200 day moving average of $64.77. The company has a current ratio of 1.22, a quick ratio of 0.88 and a debt-to-equity ratio of 0.38.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, July 31st. The company reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.33. The business had revenue of $10.84 billion for the quarter, compared to the consensus estimate of $10.63 billion. Magna International had a net margin of 1.80% and a return on equity of 15.04%. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.44 earnings per share. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. As a group, research analysts predict that Magna International will post 7.02 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. boosted its stake in Magna International by 14.8% during the first quarter. Hillsdale Investment Management Inc. now owns 832,575 shares of the company’s stock worth $46,486,000 after buying an additional 107,150 shares during the period. Tidal Investments LLC increased its stake in shares of Magna International by 57.4% during the second quarter. Tidal Investments LLC now owns 55,783 shares of the company’s stock valued at $3,663,000 after buying an additional 20,347 shares during the period. Nykredit A S bought a new position in Magna International in the second quarter worth approximately $4,695,000. Plato Investment Management Ltd bought a new position in Magna International in the second quarter worth about $7,473,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Magna International by 43.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 199,358 shares of the company’s stock valued at $11,095,000 after purchasing an additional 60,432 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 is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.