Equities research analysts at Citigroup (NYSE: C) downgraded shares of Magna International Inc. (NYSE: MGA) from a “buy” rating to a “hold” rating in a research note to investors on Monday.
Separately, analysts at Goldman Sachs (NYSE: GS) raised their EPS on shares of Magna International Inc. in a research note to investors on Tuesday, May 10th. They now have a “neutral” rating and a $58.00 price target on the stock. They previously had a $57.00 price target on the stock. Also, analysts at Zacks Investment Research reiterated a “neutral” rating on shares of Magna International Inc. in a research note to investors on Friday, May 6th. They now have a $54.00 price target on the stock.
Shares of Magna International Inc. traded down 1.83% during mid-day trading on Tuesday, hitting $48.79. Magna International Inc. has a 52 week low of $30.98 and a 52 week high of $62.20. The stock’s 50-day moving average is $49.00 and its 200-day moving average is $51.. The company has a market cap of $11.803 billion and a price-to-earnings ratio of 11.05.
Magna International Inc. last announced its quarterly results on Thursday, May 5th. The company reported $1.30 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $1.16 EPS by $0.14. During the same quarter in the prior year, the company posted $1.85 earnings per share. The company’s quarterly revenue was up 34.40% on a year-over-year basis. On average, analysts predict that Magna International Inc. will post $1.13 EPS next quarter.
Magna International Inc. (Magna) is a diversified global automotive supplier. The Company designs, develops and manufactures automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers (OEMs) of cars and light trucks. As at December 31, 2009, the Company had 238 manufacturing divisions and 79 product development, engineering and sales centres in 25 countries. As of December 31, 2009, the Company acquired Cadence Innovation s.r.o.