Wells Fargo & Company Lowers Magna International (NYSE:MGA) Price Target to $44.00

Magna International (NYSE:MGA) (TSE:MG) had its price target reduced by Wells Fargo & Company from $46.00 to $44.00 in a research note released on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also weighed in on MGA. Morgan Stanley lowered shares of Magna International from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $55.00 to $43.00 in a research note on Wednesday, September 25th. Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. UBS Group lifted their target price on Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, TD Securities decreased their price objective on Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, September 30th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $49.65.

Magna International Price Performance

Shares of MGA stock opened at $41.95 on Monday. The firm’s 50 day moving average price is $43.40 and its two-hundred day moving average price is $42.48. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14. Magna International has a 52-week low of $38.01 and a 52-week high of $60.32. The stock has a market cap of $12.05 billion, a PE ratio of 11.22, a PEG ratio of 0.83 and a beta of 1.61.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a return on equity of 11.88% and a net margin of 2.52%. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.46 earnings per share. As a group, analysts forecast that Magna International will post 5.22 EPS for the current year.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 annualized dividend and a yield of 4.53%. Magna International’s dividend payout ratio (DPR) is presently 50.80%.

Hedge Funds Weigh In On Magna International

Several hedge funds have recently modified their holdings of MGA. Kennebec Savings Bank bought a new position in Magna International in the third quarter valued at approximately $32,000. Grove Bank & Trust grew its holdings in Magna International by 70.4% during the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after purchasing an additional 343 shares during the period. Massmutual Trust Co. FSB ADV increased its position in Magna International by 84.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after buying an additional 513 shares during the last quarter. Tobam lifted its position in shares of Magna International by 94.3% in the third quarter. Tobam now owns 4,373 shares of the company’s stock valued at $179,000 after buying an additional 2,122 shares during the last quarter. Finally, Arkadios Wealth Advisors bought a new position in shares of Magna International during the 3rd quarter worth approximately $216,000. Institutional investors own 67.49% of the company’s stock.

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.