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The stock has lost 7.7% over the past month on investors’ concerns related to the semiconductor chip shortage. However, it has advanced 31.1% year-to-date and 6.7% over the past three months to close yesterday’s trading session at $92.80. MGA also raised its fiscal year 2021 outlook to reflect modestly higher sales and adjusted EBIT margin expectations.
According to a Grand View Research report, the global automotive aftermarket is expected to grow at a 3.8% CAGR over the next seven years and MGA is favorably positioned to benefit from the industry tailwinds.
