Citigroup Trims Magna International (MGA) Target Price to $62.00

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by research analysts at Citigroup from $69.00 to $62.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 29.68% from the stock’s current price.

MGA has been the subject of a number of other reports. CIBC raised Magna International from a “neutral” rating to an “outperform” rating in a research report on Thursday, September 13th. Zacks Investment Research raised Magna International from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine lowered Magna International from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. Barclays started coverage on Magna International in a research report on Wednesday. They issued an “equal weight” rating for the company. Finally, TD Securities lowered their price target on Magna International from $69.00 to $63.00 and set a “hold” rating for the company in a research report on Thursday, August 9th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $65.44.

Shares of NYSE:MGA opened at $47.81 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.27. Magna International has a twelve month low of $46.77 and a twelve month high of $67.47. The company has a market cap of $17.86 billion, a PE ratio of 8.02, a PEG ratio of 0.90 and a beta of 1.36.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Wednesday, August 8th. The company reported $1.67 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.07). The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.45 billion. Magna International had a net margin of 5.72% and a return on equity of 19.72%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.48 earnings per share. Equities analysts predict that Magna International will post 6.85 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Meadow Creek Investment Management LLC purchased a new stake in shares of Magna International during the 2nd quarter valued at $116,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Magna International during the 2nd quarter valued at $122,000. Glen Harbor Capital Management LLC purchased a new stake in shares of Magna International during the 2nd quarter valued at $140,000. Nisa Investment Advisors LLC purchased a new stake in shares of Magna International during the 2nd quarter valued at $163,000. Finally, Colony Group LLC purchased a new stake in shares of Magna International during the 2nd quarter valued at $267,000. 59.53% of the stock is owned by hedge funds and other institutional investors.

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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