Bank of America Downgrades Magna International (NYSE:MGA) to Neutral

Magna International (NYSE:MGA) (TSE:MG) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Tuesday,Briefing.com Automated Import reports. They currently have a $48.00 price target on the stock, down from their previous price target of $52.00. Bank of America‘s price target would suggest a potential upside of 35.79% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. CIBC upped their price target on Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. Scotiabank dropped their price objective on shares of Magna International from $49.00 to $45.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 18th. Royal Bank of Canada reduced their target price on shares of Magna International from $52.00 to $51.00 and set an “outperform” rating for the company in a research note on Tuesday, February 18th. Wells Fargo & Company lowered their price target on shares of 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. Finally, Evercore ISI cut their price objective on shares of Magna International from $50.00 to $45.00 and set an “in-line” rating for the company in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $47.88.

Magna International Stock Performance

Shares of MGA stock opened at $35.35 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. The firm has a market cap of $9.97 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 0.63 and a beta of 1.61. Magna International has a 52 week low of $35.05 and a 52 week high of $56.12. The firm’s 50-day simple moving average is $39.82 and its two-hundred day simple moving average is $41.50.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company had revenue of $10.63 billion during the quarter, compared to analyst estimates of $10.32 billion. During the same quarter last year, the business posted $1.33 EPS. Magna International’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Magna International will post 5.87 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

A number of institutional investors have recently added to or reduced their stakes in MGA. Janney Montgomery Scott LLC grew its holdings in shares of Magna International by 11.4% during the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock worth $8,644,000 after purchasing an additional 21,532 shares in the last quarter. Van ECK Associates Corp lifted its position in Magna International by 6.6% during the third quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock valued at $517,000 after purchasing an additional 766 shares during the last quarter. Kennebec Savings Bank purchased a new position in Magna International in the 3rd quarter worth approximately $32,000. Strengthening Families & Communities LLC increased its holdings in shares of Magna International by 10.7% in the 3rd quarter. Strengthening Families & Communities LLC now owns 43,484 shares of the company’s stock worth $1,785,000 after buying an additional 4,209 shares during the last quarter. Finally, Quantbot Technologies LP raised its position in shares of Magna International by 12.5% during the 3rd quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock valued at $6,128,000 after buying an additional 16,639 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors.

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.