Magna International (NYSE:MGA) Shares Gap Down – Here’s What Happened

Magna International Inc. (NYSE:MGA) (TSE:MG) gapped down prior to trading on Friday . The stock had previously closed at $39.67, but opened at $37.49. Magna International shares last traded at $38.08, with a volume of 1,077,460 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. UBS Group lifted their target price on shares of Magna International from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. CIBC lifted their price target on shares of Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. The Goldman Sachs Group lowered shares of Magna International from a “neutral” rating to a “sell” rating and dropped their price target for the company from $42.00 to $41.00 in a research report on Wednesday, December 11th. Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company dropped their price target on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.24.

Magna International Price Performance

The stock has a market cap of $10.75 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 0.60 and a beta of 1.61. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The company’s fifty day simple moving average is $41.42 and its 200-day simple moving average is $41.74.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, February 14th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company had revenue of $10.63 billion for the quarter, compared to the consensus estimate of $10.32 billion. During the same quarter in the previous year, the company earned $1.33 EPS. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Magna International Inc. will post 5.23 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its position in Magna International by 52.3% during the 4th quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock worth $100,087,000 after buying an additional 822,375 shares in the last quarter. Geode Capital Management LLC lifted its position in Magna International by 32.2% during the 4th quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock valued at $63,280,000 after purchasing an additional 371,437 shares during the period. CIBC Private Wealth Group LLC lifted its position in Magna International by 290.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,501 shares of the company’s stock valued at $141,000 after purchasing an additional 2,605 shares during the period. Mufg Securities Canada LTD. lifted its position in Magna International by 72.1% during the 4th quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock valued at $17,228,000 after purchasing an additional 172,754 shares during the period. Finally, Sciencast Management LP acquired a new position in Magna International during the 4th quarter valued at about $653,000. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.