CIBC Lowers Magna International (NYSE:MGA) Price Target to $36.50

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by analysts at CIBC from $44.00 to $36.50 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. CIBC’s price target would suggest a potential upside of 0.84% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. UBS Group reduced their target price on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Royal Bank of Canada reduced their price objective on Magna International from $52.00 to $51.00 and set an “outperform” rating for the company in a research note on Tuesday, February 18th. Barclays lowered their target price on Magna International from $50.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. Wells Fargo & Company cut their price target on Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, December 16th. Finally, Evercore ISI lowered their price objective on shares of Magna International from $50.00 to $45.00 and set an “in-line” rating on the stock in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued 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 $47.03.

Magna International Price Performance

Shares of MGA traded up $2.06 during mid-day trading on Wednesday, hitting $36.20. 1,075,742 shares of the company were exchanged, compared to its average volume of 1,780,933. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. Magna International has a 1-year low of $33.30 and a 1-year high of $56.12. The stock has a market cap of $10.21 billion, a price-to-earnings ratio of 10.32, a price-to-earnings-growth ratio of 0.63 and a beta of 1.65. The company has a 50 day moving average of $39.66 and a 200-day moving average of $41.45.

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 analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $10.32 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. Analysts expect that Magna International will post 5.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Magna International

Several hedge funds and other institutional investors have recently bought and sold shares of the business. 1620 Investment Advisors Inc. grew its position in shares of Magna International by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company’s stock worth $328,000 after buying an additional 276 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Magna International by 37.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock worth $46,000 after purchasing an additional 301 shares during the last quarter. Lindbrook Capital LLC raised its stake in shares of Magna International by 43.1% in the 4th quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock valued at $43,000 after purchasing an additional 312 shares in the last quarter. Avior Wealth Management LLC lifted its position 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 last quarter. Finally, LRI Investments LLC grew its stake in Magna International by 2,126.5% in the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares in the last quarter. 67.49% of the stock is currently owned by hedge funds and other 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.