Magna International (TSE:MG) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Magna International Inc. (TSE:MG) (NYSE:MGA)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$73.67 and traded as high as C$84.02. Magna International shares last traded at C$83.03, with a volume of 2,524,565 shares trading hands.

Wall Street Analyst Weigh In

Separately, Canadian Imperial Bank of Commerce raised Magna International from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$61.00.

Magna International Stock Performance

The company has a debt-to-equity ratio of 66.74, a current ratio of 1.25 and a quick ratio of 0.83. The firm has a market capitalization of C$22.95 billion, a PE ratio of 28.34, a P/E/G ratio of 0.45 and a beta of 1.91. The firm has a fifty day moving average price of C$80.53 and a 200 day moving average price of C$73.72.

Magna International (TSE:MG) (NYSE:MGA) last issued its quarterly earnings results on Friday, February 13th. The company reported C$2.99 earnings per share for the quarter. Magna International had a return on equity of 6.73% and a net margin of 1.97%.The firm had revenue of C$14.27 billion for the quarter. Research analysts anticipate that Magna International Inc. will post 8.8948171 earnings per share for the current fiscal year.

About Magna International

Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets-North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety and quality.