Magna International (NYSE:MGA) Given New $37.00 Price Target at Wells Fargo & Company

Magna International (NYSE:MGA) (TSE:MG) had its price objective raised by Wells Fargo & Company from $32.00 to $37.00 in a research report sent to investors on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other brokerages have also issued reports on MGA. Raymond James cut their target price on Magna International from $53.00 to $50.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 18th. Scotiabank cut their target price on Magna International from $45.00 to $38.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 29th. CIBC upped their target price on Magna International from $33.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, May 5th. Barclays cut their target price on Magna International from $47.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 15th. Finally, The Goldman Sachs Group cut their target price on Magna International from $38.00 to $31.00 and set a “sell” rating on the stock in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $41.56.

Magna International Stock Performance

Shares of NYSE:MGA opened at $36.65 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. Magna International has a one year low of $30.39 and a one year high of $47.63. The business’s 50-day simple moving average is $34.38 and its 200 day simple moving average is $38.84. The company has a market cap of $10.33 billion, a P/E ratio of 10.44, a PEG ratio of 0.63 and a beta of 1.52.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, May 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). Magna International had a net margin of 2.36% and a return on equity of 12.78%. The business had revenue of $9.68 billion during the quarter, compared to analyst estimates of $9.66 billion. During the same period in the previous year, the company earned $1.08 earnings per share. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. On average, sell-side analysts forecast that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a $0.485 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.29%. Magna International’s dividend payout ratio (DPR) is 48.50%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC grew its stake in Magna International by 2,400.0% during the 4th quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after buying an additional 600 shares during the last quarter. Versant Capital Management Inc bought a new position in Magna International during the 1st quarter worth $27,000. Cromwell Holdings LLC grew its stake in Magna International by 131.6% during the 1st quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock worth $28,000 after buying an additional 466 shares during the last quarter. LRI Investments LLC grew its stake in Magna International by 2,126.5% during the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in Magna International during the 4th quarter worth $33,000. 67.49% of the stock is currently owned by institutional investors.

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.