Magna International (MGA) Price Target Cut to $62.00 by Analysts at Citigroup
Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by research analysts at Citigroup from $66.00 to $62.00 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s target price indicates a potential upside of 43.45% from the company’s current price.
Other equities analysts have also recently issued reports about the stock. Seaport Global Securities began coverage on shares of Magna International in a research report on Tuesday, April 16th. They set a “buy” rating on the stock. Zacks Investment Research upgraded shares of Magna International from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Tuesday, April 2nd. ValuEngine downgraded shares of Magna International from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. BMO Capital Markets downgraded shares of Magna International from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $64.00 to $55.00 in a report on Thursday, March 21st. Finally, CIBC downgraded shares of Magna International from a “sector outperform” rating to a “neutral” rating in a report on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $60.11.
NYSE MGA traded down $0.98 on Thursday, hitting $43.22. 93,556 shares of the stock were exchanged, compared to its average volume of 1,625,511. Magna International has a 52-week low of $42.88 and a 52-week high of $66.81. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.87 and a current ratio of 1.22. The stock has a market cap of $14.25 billion, a price-to-earnings ratio of 6.44, a PEG ratio of 1.15 and a beta of 1.45.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Financial Gravity Companies Inc. bought a new stake in shares of Magna International in the 4th quarter worth $36,000. Liberty Wealth Management LLC bought a new stake in shares of Magna International in the 4th quarter worth $32,000. Community Bank N.A. bought a new stake in shares of Magna International in the 4th quarter worth $33,000. Kore Private Wealth LLC bought a new stake in shares of Magna International in the 1st quarter worth $36,000. Finally, Zions Bancorporation N.A. bought a new stake in shares of Magna International in the 1st quarter worth $42,000. Hedge funds and other institutional investors own 83.41% 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 Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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