RBC Capital analyst Tom Narayan maintained a Hold rating on Magna International (MGA – Research Report) on January 22 and set a price target of $61.00. The company’s shares closed yesterday at $55.01.
According to TipRanks, Narayan is a 4-star analyst with an average return of 4.4% and a 49.49% success rate. Narayan covers the Consumer Cyclical sector, focusing on stocks such as Tesla, Mobileye Global, Inc. Class A, and Stellantis.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Magna International with a $62.98 average price target, implying a 14.49% upside from current levels. In a report released yesterday, Barclays also maintained a Hold rating on the stock with a $63.00 price target.
See the top stocks recommended by analysts >>
Based on Magna International’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $10.69 billion and a net profit of $394 million. In comparison, last year the company earned a revenue of $9.27 billion and had a net profit of $289 million
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MGA in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Magna International (MGA) Company Description:
Magna International, Inc. is a mobility technology company, which supplies to the automotive industry. It operates through the following segments: Body Exteriors and Structures; Power and Vision; Seating Systems; and Complete Vehicles. The Body Exteriors and Structures segment includes body and chassis systems, exterior systems and roof systems operations. The Power and Vision segment comprises of global powertrain systems, electronics systems, mirrors and lighting and mechatronics operations. The Seating Systems segment deals with global seating systems operations. The Complete Vehicles segment focuses on vehicle engineering and manufacturing operations. The company was founded by Frank Stronach in 1957 and is headquartered in Aurora, Canada.
Read More on MGA:
- Magna Announces Date for Q4 & Year End 2023 Results and 2024 Outlook Conference Call
- Magna Unveils Next Generation eDrive at CES 2024
- Magna Advances Road Safety With Impaired Driving Prevention Technology
- Magna downgraded to Neutral from Buy at Goldman Sachs
- Amgen upgraded, PepsiCo downgraded: Wall Street’s top analyst calls
