Magna International’s (MGA) “Neutral” Rating Reaffirmed at Canadian Imperial Bank of Commerce

Magna International (NYSE:MGA) (TSE:MG)‘s stock had its “neutral” rating restated by analysts at Canadian Imperial Bank of Commerce in a report issued on Wednesday, Benzinga reports. They presently have a $70.00 target price on the stock, down from their previous target price of $78.00. Canadian Imperial Bank of Commerce’s target price suggests a potential upside of 8.87% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. UBS Group upped their price target on shares of Magna International from $62.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Wall Street Zen cut shares of Magna International from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 12th. Scotiabank boosted their price objective on shares of Magna International from $74.00 to $78.00 and gave the stock a “sector outperform” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $72.00 price target (down from $77.00) on shares of Magna International in a research report on Tuesday, September 15th. Finally, Morgan Stanley decreased their price target on Magna International from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $68.87.

Magna International Stock Performance

MGA stock traded down $2.10 on Wednesday, hitting $64.29. The company’s stock had a trading volume of 411,103 shares, compared to its average volume of 1,498,049. The firm has a 50 day moving average of $66.03 and a two-hundred day moving average of $64.71. Magna International has a 1 year low of $44.64 and a 1 year high of $73.22. The stock has a market cap of $17.03 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 0.70 and a beta of 1.46. 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 data on Friday, July 31st. The company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.33. The company 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%. Magna International’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm posted $1.44 EPS. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. Equities analysts predict that Magna International will post 7.02 EPS for the current fiscal year.

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. boosted its holdings in shares of 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 purchasing an additional 107,150 shares during the last quarter. Tidal Investments LLC grew its position in shares of Magna International by 57.4% in the second quarter. Tidal Investments LLC now owns 55,783 shares of the company’s stock valued at $3,663,000 after purchasing an additional 20,347 shares during the period. Nykredit A S acquired a new position in Magna International in the second quarter valued at $4,695,000. Plato Investment Management Ltd acquired a new position in Magna International in the second quarter valued at $7,473,000. Finally, Public Employees Retirement System of Ohio increased its stake in Magna International by 43.5% in the first 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.