Magna International Inc. (MG:CA) is one of the best performing stocks in the consumer discretionary sector in the S&P/TSX Composite Index at the lunch break on September 22. Shares of MG:CA have climbed 2.67% about halfway through the session to $54.94 after closing the day prior at $53.51. So far, the stock has traded as high as $54.97 and as low as $53.64 in morning action. Today’s advance has come with about 411,486 shares changing hands, compared to an average 30-day volume of 883,686 for Magna International Inc.. The price is currently below the 30-day volume weighted average price of $54.46 for MG:CA.
The share appreciation gives the company a market capitalization of $20.74 billion based upon 387.67 million shares outstanding. It also means that Magna Int'l Inc. has a price-to-book ratio of 1.69:1 and a price-to-earnings ratio of 7.5:1.
In the past 52 weeks, shares of MG:CA have traded as low as $42.09 and as high as $71.1. Technical traders will take note that at $54.94, shares of MG:CA are trading above their 200-day MA at $51.27 and above their 50-day MA at $51.48. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.
Who is Magna Int'l Inc.?
Magna International Inc is an automotive supplier. Its product capabilities include chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules and complete vehicle engineering and contract manufacturing. The company’s 152000 employees are led by CEO Donald J. Walker from the corporate headquarters at 337 Magna Drive.
What is the S&P/TSX Composite Index?
Developed and managed by S&P Dow Jones Indices and launched in January 1977, the S&P/TSX Composite is the headline index for the Canadian equity market. Generally, when investors refer to movement in the Canadian markets, they are referring to the S&P/TSX Composite, as it is the broadest index in the S&P/TSX franchise. The index includes more than 230 of the biggest companies traded on the Toronto Stock Exchange, with financials making up the most heavily weighted sector in the index, followed by energy and materials. The Toronto Stock Exchange serves as the distributor of both real-time and historical data for this index.
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