Magna International (MGA) Now Covered by Wolfe Research

Wolfe Research initiated coverage on shares of Magna International (NYSE:MGA) (TSE:MG) in a report released on Tuesday, October 2nd, MarketBeat Ratings reports. The brokerage issued an outperform rating on the stock.

Several other equities badysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Magna International from a sell rating to a hold rating in a research note on Tuesday, September 25th. CIBC raised shares of Magna International from a neutral rating to an outperform rating in a report on Thursday, September 13th. Morgan Stanley cut their price target on shares of Magna International from $53.00 to $48.00 and set a sell rating for the company in a report on Monday, August 13th. TD Securities cut their price target on shares of Magna International from $69.00 to $63.00 and set a hold rating for the company in a report on Thursday, August 9th. Finally, Citigroup cut their price target on shares of Magna International from $77.00 to $69.00 and set a buy rating for the company in a report on Thursday, August 9th. Two equities research badysts have rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $67.53.

MGA stock traded down $2.05 during trading on Tuesday, reaching $46.98. The company had a trading volume of 1,914,800 shares, compared to its average volume of 1,311,222. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.27. Magna International has a twelve month low of $45.73 and a twelve month high of $67.47. The stock has a market capitalization of $16.25 billion, a PE ratio of 8.00, a price-to-earnings-growth ratio of 0.83 and a beta of 1.36.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Wednesday, August 8th. The company reported $1.67 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.07). Magna International had a net margin of 5.72% and a return on equity of 19.72%. The business had revenue of $10.28 billion for the quarter, compared to badyst estimates of $10.45 billion. During the same quarter in the previous year, the firm posted $1.48 earnings per share. The business’s revenue was up 12.5% on a year-over-year basis. On average, equities research badysts expect that Magna International will post 6.77 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the company. Meadow Creek Investment Management LLC acquired a new position in shares of Magna International during the 2nd quarter valued at about $116,000. Flagship Harbor Advisors LLC acquired a new position in shares of Magna International during the 2nd quarter valued at about $122,000. Glen Harbor Capital Management LLC acquired a new position in shares of Magna International during the 2nd quarter valued at about $140,000. Legacy Advisors LLC acquired a new position in shares of Magna International during the 3rd quarter valued at about $131,000. Finally, Nisa Investment Advisors LLC acquired a new position in shares of Magna International during the 2nd quarter valued at about $163,000. 59.65% of the stock is currently owned by hedge funds and other institutional investors.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, bademblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chbadis systems, such as frames and chbadis subframes, suspension links and arms, and chbadis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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