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

Magna International (NYSE:MGA) (TSE:MG) had its price target cut by analysts at Wells Fargo & Company from $52.00 to $49.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 5.15% from the company’s previous close.

MGA has been the topic of several other research reports. TD Securities cut their price objective on Magna International from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. JPMorgan Chase & Co. upped their price target on shares of Magna International from $69.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. Scotiabank dropped their price objective on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating on the stock in a report on Monday, February 12th. Raymond James reduced their target price on shares of Magna International from $62.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, February 12th. Finally, CIBC dropped their price target on Magna International from $61.00 to $59.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $60.00.

Magna International Stock Performance

Shares of NYSE:MGA opened at $46.60 on Monday. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of 13.24, a P/E/G ratio of 0.47 and a beta of 1.69. The firm’s 50 day simple moving average is $51.71 and its 200 day simple moving average is $53.89. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71. Magna International has a fifty-two week low of $45.99 and a fifty-two week high of $65.27.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results 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 return on equity of 12.97% and a net margin of 2.35%. The firm had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. During the same period in the prior year, the business earned $1.11 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Magna International will post 6.13 earnings per share for the current year.

Institutional Trading of Magna International

A number of large investors have recently added to or reduced their stakes in MGA. S.A. Mason LLC raised its holdings 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. Van ECK Associates Corp raised its stake in Magna International by 9.6% in the third quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock valued at $192,000 after buying an additional 312 shares during the period. UMB Bank n.a. raised its stake in Magna International by 13.0% in the first quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock valued at $165,000 after buying an additional 350 shares during the period. Sunbelt Securities Inc. lifted its position in shares of Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after buying an additional 523 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted 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 acquiring an additional 526 shares during the period. 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.