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

Magna International (NYSE:MGA) (TSE:MG) had its price objective lowered by investment analysts at Wells Fargo & Company from $49.00 to $46.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 10.66% from the stock’s previous close.

A number of other research analysts have also issued reports on MGA. Scotiabank decreased their target price on Magna International from $59.00 to $55.00 and set a “sector perform” rating for the company in a report on Monday, May 6th. TD Securities decreased their target price on Magna International from $63.00 to $62.00 and set a “buy” rating for the company in a report on Monday, May 6th. JPMorgan Chase & Co. lifted their target price on Magna International from $69.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. Morgan Stanley decreased their price target on Magna International from $65.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, CIBC decreased their price target on Magna International from $59.00 to $54.00 and set a “neutral” rating for the company in a 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.81.

Magna International Price Performance

MGA stock opened at $41.57 on Tuesday. The business has a fifty day moving average of $45.66 and a two-hundred day moving average of $51.79. The company has a quick ratio of 0.76, a current ratio of 1.09 and a debt-to-equity ratio of 0.38. The stock has a market cap of $11.94 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 0.53 and a beta of 1.62. 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 for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.96%. The firm had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. During the same period in the previous year, the firm posted $1.11 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. As a group, research analysts anticipate that Magna International will post 5.83 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Several institutional investors have recently added to or reduced their stakes in MGA. Lorne Steinberg Wealth Management Inc. increased its position in Magna International by 3.9% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock worth $4,217,000 after purchasing an additional 2,646 shares during the period. Natixis Advisors L.P. lifted its stake in shares of Magna International by 243.3% during the 3rd quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock worth $2,724,000 after purchasing an additional 36,005 shares during the period. Toronto Dominion Bank lifted its stake in shares of Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after purchasing an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after buying an additional 2,727 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC acquired a new stake in shares of Magna International during the 4th quarter worth $237,000. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

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.