Magna International (MGA) : Traders are bullish on Magna International (MGA) as it has outperformed the S&P 500 by a wide margin of 7.09% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.52%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.58% in the last 1 week, and is up 8.19% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 4.23% and the 50-Day Moving Average is 6.17%. Magna International (NYSE:MGA): On Fridays trading session , Opening price of the stock was $41.01 with an intraday high of $41.06. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $40.41. However, the stock managed to close at $40.55, a loss of 1.24% for the day. On the previous day, the stock had closed at $41.06. The total traded volume of the day was 955,797 shares.
Institutional Investors own 61.57% of Magna International shares. Also, Equity analysts at the Brokerage firm Citigroup maintains its rating on Magna International (NYSE:MGA). The rating major has initiated the coverage with buy rating on the shares. The Analysts at Citigroup raises the price target from $48 per share to $49 per share. The rating by the firm was issued on August 8, 2016.
Magna International Inc. (Magna) is an automotive supplier with approximately 313 manufacturing operations and over 84 product development, engineering and sales centers in approximately 28 countries. Its product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as vehicle engineering and contract manufacturing. Its customers include General Motors, Fiat-Chrysler, Ford, BMW, Daimler and Volkswagen. Its offers programs, which include Ford Transit; MINI Countryman; Ford F-Series and F-Series Super Duty; QOROS 3; Ford Mustang; BMW X6; Mercedes-Benz M-Class; BMW X4 and Porsche Panamera. The Company operates in North America, Europe and Asia.