Magna International (NYSE:MGA) Shares Gap Up – Should You Buy?

by · The Markets Daily

Shares of Magna International Inc. (NYSE:MGA – Get Free Report) (TSE:MG) gapped up before the market opened on Friday . The stock had previously closed at $39.47, but opened at $42.10. Magna International shares last traded at $42.90, with a volume of 674,297 shares traded.

Wall Street Analyst Weigh In

MGA has been the subject of a number of research analyst reports. CIBC decreased their price target on Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. Wolfe Research reiterated an “underperform” rating on shares of Magna International in a research report on Thursday, September 5th. Barclays dropped their target price on Magna International from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. UBS Group reduced their price target on Magna International from $51.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Finally, Bank of America cut their price objective on Magna International from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $49.65.

Get Our Latest Report on Magna International

Magna International Stock Up 8.2 %

The firm’s fifty day simple moving average is $41.39 and its 200 day simple moving average is $43.26. The company has a market cap of $12.27 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.66 and a beta of 1.59. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA – Get Free Report) (TSE:MG) last posted its earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). The company had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The company’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business earned $1.50 earnings per share. Sell-side analysts predict that Magna International Inc. will post 5.4 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Several institutional investors have recently bought and sold shares of MGA. EverSource Wealth Advisors LLC boosted its holdings in shares of Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after acquiring an additional 319 shares in the last quarter. Grove Bank & Trust increased its position in Magna International by 70.4% during the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after purchasing an additional 343 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Magna International by 84.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after buying an additional 513 shares during the period. LRI Investments LLC purchased a new stake in shares of Magna International in the first quarter valued at approximately $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Magna International in the second quarter worth $28,000. 67.49% of the stock is owned by institutional investors and hedge funds.

Magna International Company Profile

(Get Free Report)

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.

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