Wells Fargo & Company Cuts Magna International (NYSE:MGA) Price Target to $46.00

Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by Wells Fargo & Company from $49.00 to $46.00 in a research report released on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also commented on MGA. StockNews.com lowered Magna International from a buy rating to a hold rating in a report on Friday, May 10th. CIBC decreased their price target on shares of Magna International from $59.00 to $54.00 and set a neutral rating on the stock in a research note on Monday, May 6th. National Bankshares dropped their price objective on shares of Magna International from $60.00 to $57.00 and set a market perform rating for the company in a research note on Monday, May 6th. Morgan Stanley decreased their target price on shares of Magna International from $65.00 to $60.00 and set an overweight rating on the stock in a research report on Friday, May 10th. Finally, Evercore dropped their price target on shares of Magna International from $62.00 to $60.00 and set an in-line rating for the company in a research report on Monday, May 6th. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $59.81.

Magna International Stock Performance

NYSE MGA opened at $41.89 on Tuesday. The stock has a market cap of $12.04 billion, a PE ratio of 11.90, a P/E/G ratio of 0.53 and a beta of 1.62. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.09. The firm has a 50-day moving average of $45.40 and a 200-day moving average of $51.63. Magna International has a 52-week low of $40.83 and a 52-week high of $65.27.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). Magna International had a return on equity of 12.96% and a net margin of 2.35%. The company had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.97 billion. During the same quarter last year, the business earned $1.11 earnings per share. The company’s revenue was up 2.8% on a year-over-year basis. On average, sell-side analysts anticipate that Magna International will post 5.83 EPS for the current year.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.54%. The ex-dividend date was Thursday, May 16th. Magna International’s payout ratio is 53.98%.

Hedge Funds Weigh In On Magna International

Institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its position in Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after purchasing an additional 319 shares during the last quarter. LRI Investments LLC bought a new position in Magna International in the 1st quarter valued at approximately $36,000. Russell Investments Group Ltd. boosted its position in Magna International by 35.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after buying an additional 289,105 shares during the period. Forsta AP Fonden boosted its position in Magna International by 20.4% during the 1st quarter. Forsta AP Fonden now owns 64,800 shares of the company’s stock worth $3,533,000 after buying an additional 11,000 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Magna International by 22.2% during the 1st quarter. SG Americas Securities LLC now owns 36,170 shares of the company’s stock worth $1,971,000 after acquiring an additional 6,581 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.