Wells Fargo & Company Cuts Magna International (NYSE:MGA) Price Target to $50.00

by · The Markets Daily

Magna International (NYSE:MGA – Free Report) (TSE:MG) had its target price cut by Wells Fargo & Company from $51.00 to $50.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts also recently issued reports on MGA. JPMorgan Chase & Co. raised their price objective on Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. CIBC increased their target price on shares of Magna International from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Monday, November 3rd. Wall Street Zen upgraded shares of Magna International from a “buy” rating to a “strong-buy” rating in a report on Sunday, November 9th. UBS Group boosted their price target on shares of Magna International from $46.00 to $49.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Finally, Royal Bank Of Canada upped their price objective on shares of Magna International from $47.00 to $48.00 and gave the company a “sector perform” rating in a research note on Monday, November 3rd. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $50.33.

Read Our Latest Analysis on MGA

Magna International Trading Up 1.3%

Shares of NYSE MGA opened at $51.74 on Tuesday. The firm has a 50 day moving average price of $47.68 and a two-hundred day moving average price of $44.13. The stock has a market cap of $14.55 billion, a P/E ratio of 14.14 and a beta of 1.53. Magna International has a 52-week low of $30.39 and a 52-week high of $51.97. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.18.

Magna International (NYSE:MGA – Get Free Report) (TSE:MG) last issued its quarterly earnings data on Friday, October 31st. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.09. The company had revenue of $10.50 billion for the quarter, compared to analysts’ expectations of $10.03 billion. Magna International had a net margin of 2.50% and a return on equity of 11.88%. Magna International’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 earnings per share. As a group, equities analysts forecast that Magna International will post 5.87 EPS for the current year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Friday, November 14th. Magna International’s payout ratio is presently 53.01%.

Institutional Investors Weigh In On Magna International

Large investors have recently bought and sold shares of the stock. Achmea Investment Management B.V. acquired a new position in shares of Magna International during the third quarter valued at about $8,606,000. Danske Bank A S acquired a new position in Magna International during the 3rd quarter worth approximately $112,000. Public Employees Retirement System of Ohio boosted its holdings in Magna International by 196.9% in the third quarter. Public Employees Retirement System of Ohio now owns 139,659 shares of the company’s stock worth $6,620,000 after acquiring an additional 92,613 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Magna International by 1.8% in the third quarter. Integrated Wealth Concepts LLC now owns 14,241 shares of the company’s stock worth $675,000 after acquiring an additional 246 shares in the last quarter. Finally, Community Bank N.A. acquired a new stake in Magna International in the third quarter valued at approximately $29,000. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

(Get Free Report)

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.

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