ValuEngine upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a sell rating to a hold rating in a research note issued to investors on Thursday.
Several other equities analysts also recently commented on the stock. TD Securities upgraded shares of Magna International from a hold rating to a buy rating and upped their price objective for the company from $58.00 to $60.00 in a report on Thursday. Barclays reiterated a hold rating and issued a $50.00 price objective on shares of Magna International in a report on Sunday, January 6th. KeyCorp assumed coverage on shares of Magna International in a report on Monday, December 10th. They issued a sector weight rating on the stock. Royal Bank of Canada upped their price objective on shares of Magna International from $70.00 to $72.00 and gave the company an outperform rating in a report on Friday, November 9th. Finally, Wells Fargo & Co decreased their price objective on shares of Magna International from $73.00 to $66.00 and set an outperform rating on the stock in a report on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Magna International has an average rating of Buy and a consensus target price of $65.57.
NYSE:MGA opened at $50.24 on Thursday. Magna International has a one year low of $42.88 and a one year high of $67.47. The firm has a market capitalization of $16.40 billion, a price-to-earnings ratio of 8.43, a P/E/G ratio of 0.81 and a beta of 1.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 1.19.
Hedge funds have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC acquired a new position in shares of Magna International in the second quarter valued at about $122,000. Legacy Advisors LLC acquired a new position in shares of Magna International in the third quarter valued at about $131,000. Glen Harbor Capital Management LLC acquired a new position in shares of Magna International in the second quarter valued at about $140,000. First Hawaiian Bank acquired a new position in shares of Magna International in the third quarter valued at about $190,000. Finally, Lyell Wealth Management LP acquired a new position in shares of Magna International in the third quarter valued at about $263,000. Institutional investors and hedge funds own 59.03% of the company’s stock.
About Magna International
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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