5 Best Auto Stocks to Invest In

4. Magna International, Inc. (NYSE:MGA)

Number of Hedge Fund Holders: 39

Magna International, Inc. (NYSE:MGA) is a manufacturing company based in Canada, that produces and supplies automotive systems, modules and components. Ranked fourth on the list of the 11 best auto stocks to invest in, Magna International, Inc. (NYSE:MGA) has a market capitalization of $23.07 billion.

The company issued its quarterly earnings report for the second quarter of 2021 on August 6, with reported earnings per share at $1.40, missing estimates by $0.01. Additionally, the reported revenues of $9.03 billion fell short of the market predictions by $248.8 million.

On September 26, Goldman Sachs analyst Mark DeLaney lowered the his price target on Magna International, Inc. (NYSE:MGA) to $102 from $105 and kept a Buy rating on the shares.

At the end of the second quarter of 2021, 39 hedge funds in the database of Insider Monkey held stakes worth over $576 million in Magna International, Inc. (NYSE:MGA), up from 34 hedge funds in the preceding quarter that held stakes worth more than $671.7 million.