ValuEngine upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.
Other analysts also recently issued research reports about the stock. TD Securities raised shares of Magna International from a hold rating to a buy rating and raised their price objective for the stock from $58.00 to $60.00 in a research report on Thursday. Citigroup reduced their price objective on shares of Magna International from $69.00 to $62.00 and set a buy rating for the company in a research report on Friday, October 12th. Barclays started coverage on shares of Magna International in a research report on Wednesday, October 10th. They set an equal weight rating for the company. Zacks Investment Research raised shares of Magna International from a sell rating to a hold rating in a research report on Tuesday, September 25th. Finally, Royal Bank of Canada raised their price objective on shares of Magna International from $70.00 to $72.00 and gave the stock an outperform rating in a research report on Friday, November 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Magna International presently has an average rating of Buy and a consensus target price of $65.57.
NYSE:MGA opened at $50.24 on Thursday. The company has a market cap of $16.40 billion, a price-to-earnings ratio of 8.43, a PEG ratio of 0.81 and a beta of 1.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.19 and a quick ratio of 0.86. Magna International has a fifty-two week low of $42.88 and a fifty-two week high of $67.47.
Institutional investors and hedge funds have recently modified their holdings of the stock. Flagship Harbor Advisors LLC bought a new position in shares of Magna International in the 2nd quarter worth $122,000. Legacy Advisors LLC bought a new position in shares of Magna International in the 3rd quarter worth $131,000. Glen Harbor Capital Management LLC bought a new position in shares of Magna International in the 2nd quarter worth $140,000. First Hawaiian Bank bought a new position in shares of Magna International in the 3rd quarter worth $190,000. Finally, Lyell Wealth Management LP bought a new position in shares of Magna International in the 3rd quarter worth $263,000. Institutional investors 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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To view ValuEngine’s full report, visit ValuEngine’s official website.
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