TD Securities upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a research note published on Thursday morning, MarketBeat.com reports. The firm currently has $60.00 price objective on the stock, up from their prior price objective of $58.00.

Several other analysts also recently weighed in on the company. CIBC upgraded Magna International from a neutral rating to an outperform rating in a research report on Thursday, September 13th. Royal Bank of Canada boosted their price target on Magna International from $70.00 to $72.00 and gave the stock an outperform rating in a research note on Friday, November 9th. Barclays began coverage on Magna International in a research report on Wednesday, October 10th. They issued an equal weight rating on the stock. ValuEngine lowered Magna International from a hold rating to a sell rating in a research report on Thursday, October 4th. Finally, Zacks Investment Research upgraded Magna International from a sell rating to a hold rating in a research report on Tuesday, September 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the stock. Magna International currently has a consensus rating of Buy and an average price target of $65.57.

Shares of MGA stock opened at $50.24 on Thursday. The company has a current ratio of 1.19, a quick ratio of 0.86 and a debt-to-equity ratio of 0.27. The stock has a market cap of $16.40 billion, a P/E ratio of 8.43, a PEG ratio of 0.81 and a beta of 1.29. Magna International has a one year low of $42.88 and a one year high of $67.47.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Thursday, November 8th. The company reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.07. Magna International had a net margin of 5.83% and a return on equity of 19.98%. The company had revenue of $9.62 billion for the quarter, compared to analysts’ expectations of $9.62 billion. During the same quarter last year, the business earned $1.36 EPS. The firm’s revenue was up 8.5% compared to the same quarter last year. On average, analysts forecast that Magna International will post 6.72 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nordea Investment Management AB acquired a new position in Magna International in the 3rd quarter valued at $3,610,000. Neuberger Berman Group LLC raised its stake in Magna International by 84.4% in the 3rd quarter. Neuberger Berman Group LLC now owns 497,467 shares of the company’s stock valued at $26,132,000 after purchasing an additional 227,635 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. raised its stake in Magna International by 12.8% in the 3rd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 637,956 shares of the company’s stock valued at $33,487,000 after purchasing an additional 72,581 shares during the last quarter. PCJ Investment Counsel Ltd. raised its stake in Magna International by 1.7% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 277,684 shares of the company’s stock valued at $14,576,000 after purchasing an additional 4,734 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Magna International by 37.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,345,605 shares of the company’s stock valued at $70,632,000 after purchasing an additional 364,600 shares during the last quarter. 59.03% 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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Analyst Recommendations for Magna International (NYSE:MGA)

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