Magna International (NYSE:MGA) sees high trading volume after earnings beat expectations

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Magna International Inc. (NYSE:MGA) (TSE:MG) shares saw strong trading volume on Friday after the company reported better-than-expected quarterly results. 89,099 shares were traded at midday, down 93% from the previous session’s volume of 1,324,665 shares. The stock last traded at $77.71 and previously closed at $80.97. The company reported EPS of $1.30 for the quarter, beating Thomson Reuters’ consensus estimate of $0.87 by $0.43. The company posted revenue of $9.11 billion in the quarter, versus a consensus estimate of $8.92 billion. Magna International had a net margin of 4.74% and a return on equity of 16.64%. The company’s quarterly revenue decreased 13.8% from the same quarter last year. In the same quarter a year earlier, the company posted earnings per share of $2.83.

Several research companies have recently published reports on MGA. Credit Suisse Group lowered its price target on Magna International shares from $110.00 to $105.00 and set an “outperform” rating for the company in a Friday, November 12 research report. Barclays lowered its price target on Magna International shares from $80.00 to $72.00 and set an “equal weight” rating for the company in a Thursday, December 16 research report. TD Securities cut its price target on Magna International shares from $98.00 to $97.00 and set a “buy” rating for the company in a Monday, Nov. 8 research report. Wells Fargo & Company downgraded Magna International shares from an ‘equal weight’ rating to an ‘overweight’ rating and raised its price target for the company from $84.00 to $93.00 in a report research on Thursday, December 16. Finally, Raymond James set a price target of $68.00 on Magna International shares and gave the company an “underperforming” rating in a Monday, Nov. 8 research report. Two equity research analysts rated the stock with a sell rating, one gave the company a hold rating and eight gave the company’s stock a buy rating. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $92.40.

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Several large investors have recently changed their positions in the company. Boston Research & Management Inc. increased its holdings of Magna International shares 23.8% in the fourth quarter. Boston Research & Management Inc. now owns 20,835 shares of the company valued at $1,686,000 after purchasing an additional 4,010 shares in the last quarter. UMB Bank NA MO acquired a new position in Magna International stock during the fourth quarter worth approximately $88,000. NorthCrest Asset Management LLC acquired a new position in Magna International stock during the fourth quarter worth approximately $2,181,000. Evoke Wealth LLC increased its stake in Magna International shares by 28.2% during the fourth quarter. Evoke Wealth LLC now owns 641 shares of the company worth $52,000 after acquiring an additional 141 shares during the period. Finally, Alan B. Lancz & Associates Inc. acquired a new position in Magna International stock during the fourth quarter worth approximately $2,995,000. 59.58% of the shares are held by institutional investors and hedge funds.

The company has a debt ratio of 0.32, a current ratio of 1.41 and a quick ratio of 0.97. The company’s 50-day moving average price is $81.12 and its 200-day moving average price is $81.32. The company has a market capitalization of $23.06 billion, a price-to-earnings ratio of 13.68, a growth price-to-earnings ratio of 0.60 and a beta of 1.50.

Magna International Company Profile (NYSE: MGA)

Magna International, Inc. is a mobility technology company, which supplies to the automotive industry. It operates through the following segments: Exteriors and Body Structures, Power and Vision, Seating Systems and Complete Vehicles. The Exteriors and Body Structures segment includes body and chassis systems, exterior systems and roof system operations.

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