TD Securities upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a report released on Thursday, Marketbeat Ratings reports. TD Securities currently has $60.00 price objective on the stock, up from their prior price objective of $58.00.
A number of other brokerages also recently weighed in on MGA. Wolfe Research began coverage on Magna International in a research note on Tuesday, October 2nd. They issued an outperform rating on the stock. Zacks Investment Research raised Magna International from a sell rating to a hold rating in a research note on Tuesday, September 25th. CIBC raised Magna International from a neutral rating to an outperform rating in a research note on Thursday, September 13th. ValuEngine downgraded Magna International from a hold rating to a sell rating in a research note on Thursday, October 4th. Finally, Barclays began coverage on Magna International in a research note on Wednesday, October 10th. They issued an equal weight rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $65.73.
Shares of MGA stock traded up $0.19 during trading on Thursday, reaching $50.24. The company had a trading volume of 1,438,000 shares, compared to its average volume of 1,092,475. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 1.19. Magna International has a one year low of $42.88 and a one year high of $67.47. The company has a market capitalization of $16.40 billion, a price-to-earnings ratio of 8.43, a PEG ratio of 0.81 and a beta of 1.29.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC acquired a new stake in shares of Magna International during the 2nd quarter worth approximately $122,000. Legacy Advisors LLC acquired a new stake in shares of Magna International during the 3rd quarter worth approximately $131,000. Glen Harbor Capital Management LLC acquired a new stake in shares of Magna International during the 2nd quarter worth approximately $140,000. First Hawaiian Bank acquired a new stake in shares of Magna International during the 3rd quarter worth approximately $190,000. Finally, Lyell Wealth Management LP acquired a new stake in shares of Magna International during the 3rd quarter worth approximately $263,000. 59.03% 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, assemblies, 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; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.
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