Magna International Inc. MGA announced the opening of its seat manufacturing facility in Spartanburg County, SC. This marks the fourth manufacturing facility of Magna International in South Carolina. Moreover, the company will supply these premier seats to BMW AG. At present, the other three manufacturing hubs employ roughly 1,450 people.
The facility has an area of 230,000 square-feet and will employ 480 people approximately. Further, with construction in progress, the company plans to expand the hub by adding 25,000 square-feet that will create 130 additional jobs.
Per management, the addition of a new manufacturing facility will help it develop its business in North America. A skilled workforce, committed to the company’s world-class manufacturing, will enable Magna International to nurture itself to be a premier seat supplier, globally.
Magna International Inc. Price and Consensus
Earlier in November 2015, the company opened a 108,000-square-feet seat manufacturing facility at Allende in Coahuila, Mexico.
Price Performance
In the last six months, shares of Magna International outperformed the industry it belongs to. During the period, its stock gained 4.2% in comparison with the industry’s decline of 0.8%.
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Zacks Rank & Key Picks
Magna International carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Spartan Motors, Inc. SPAR, Tenneco Inc. TEN and Standard Motor Products, Inc. SMP, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Spartan Motors has expected long-term growth rate of 15%. In the last six months, shares of the company skyrocketed 54.6%.
Tenneco has expected long-term growth rate of 13.5%. The stock has seen the Zacks Consensus Estimate for annual earnings being revised 0.1% upward over the last seven days.
Standard Motor has expected long-term growth rate of 6%. In the last three months, shares of the company gained 3.4%.
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