Wells Fargo & Company Lowers Magna International (NYSE:MGA) Price Target to $49.00

Magna International (NYSE:MGA) (TSE:MG) had its price target cut by Wells Fargo & Company from $52.00 to $49.00 in a research report released on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also issued research reports about the stock. StockNews.com upgraded shares of Magna International from a hold rating to a buy rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. increased their price objective on Magna International from $69.00 to $71.00 and gave the company an overweight rating in a report on Monday, April 22nd. Royal Bank of Canada reduced their target price on Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a research report on Monday, February 12th. Barclays lowered their price target on Magna International from $63.00 to $62.00 and set an equal weight rating for the company in a report on Thursday, April 11th. Finally, BMO Capital Markets cut their price objective on shares of Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a report on Monday, February 12th. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $60.00.

Magna International Stock Down 1.4 %

Shares of NYSE MGA opened at $46.40 on Monday. The stock has a market capitalization of $13.33 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 0.47 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34. Magna International has a 12-month low of $45.75 and a 12-month high of $65.27. The stock’s fifty day simple moving average is $51.38 and its two-hundred day simple moving average is $53.79.

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). The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. Magna International had a net margin of 2.35% and a return on equity of 12.97%. Magna International’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.11 EPS. As a group, analysts expect that Magna International will post 6.13 EPS for the current fiscal year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.09%. The ex-dividend date is Thursday, May 16th. Magna International’s payout ratio is 53.98%.

Hedge Funds Weigh In On Magna International

Institutional investors have recently modified their holdings of the stock. Sunbelt Securities Inc. grew its holdings in Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after acquiring an additional 523 shares during the period. Massmutual Trust Co. FSB ADV grew its stake in shares of Magna International by 332.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after purchasing an additional 526 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Magna International during the 1st quarter valued at approximately $49,000. S.A. Mason LLC lifted its stake in shares of Magna International by 24.4% in the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after purchasing an additional 229 shares during the period. Finally, Parallel Advisors LLC grew its position in Magna International by 50.8% during the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after buying an additional 879 shares during the period. Hedge funds and other institutional investors 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.