Magna International (NYSE:MGA) Shares Gap Down – Here’s What Happened

Magna International Inc. (NYSE:MGA) (TSE:MG) shares gapped down before the market opened on Friday . The stock had previously closed at $39.67, but opened at $37.49. Magna International shares last traded at $38.08, with a volume of 1,077,460 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on MGA. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. TD Securities cut their price target on shares of Magna International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. CIBC increased their price target on shares of Magna International from $46.00 to $51.00 in a research note on Monday, January 13th. Royal Bank of Canada raised shares of Magna International from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $41.00 to $52.00 in a research note on Friday, January 24th. Finally, The Goldman Sachs Group lowered shares of Magna International from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $42.00 to $41.00 in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.24.

Magna International Stock Performance

The stock has a market capitalization of $10.75 billion, a P/E ratio of 10.14, a P/E/G ratio of 0.60 and a beta of 1.61. The company’s 50-day moving average is $41.42 and its two-hundred day moving average is $41.74. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, February 14th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.46 by $0.23. The firm had revenue of $10.63 billion for the quarter, compared to analysts’ expectations of $10.32 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. Magna International’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company earned $1.33 EPS. As a group, sell-side analysts anticipate that Magna International Inc. will post 5.23 EPS for the current fiscal year.

Institutional Trading of Magna International

Several institutional investors have recently made changes to their positions in MGA. Avior Wealth Management LLC boosted its holdings in shares of Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after purchasing an additional 600 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Magna International during the third quarter worth approximately $32,000. Millstone Evans Group LLC acquired a new stake in Magna International in the fourth quarter valued at approximately $33,000. Lindbrook Capital LLC lifted its stake in Magna International by 43.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock valued at $43,000 after acquiring an additional 312 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its stake in Magna International by 37.2% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock valued at $46,000 after acquiring an additional 301 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

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.