Magna International (NYSE:MGA) Price Target Cut to $50.00 by Analysts at Wells Fargo & Company

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

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. raised their price target on Magna International from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. TD Securities boosted their target price on Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Citigroup upped their price target on Magna International from $49.00 to $55.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Morgan Stanley raised their price objective on shares of Magna International from $38.00 to $54.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Evercore ISI upped their target price on shares of Magna International from $47.00 to $52.00 and gave the company an “in-line” rating in a report on Monday, November 24th. 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.33.

Magna International Stock Down 0.1%

Shares of NYSE:MGA opened at $49.31 on Tuesday. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $50.77. The firm’s 50 day moving average price is $47.54 and its 200 day moving average price is $44.03. The company has a quick ratio of 0.83, a current ratio of 1.18 and a debt-to-equity ratio of 0.38. The stock has a market cap of $13.90 billion, a price-to-earnings ratio of 13.47 and a beta of 1.53.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.09. The company had revenue of $10.50 billion for the quarter, compared to the consensus estimate of $10.03 billion. Magna International had a net margin of 2.50% and a return on equity of 11.88%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.28 EPS. As a group, equities research analysts predict that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were paid a dividend of $0.485 per share. The ex-dividend date was Friday, November 14th. This represents a $1.94 annualized dividend and a dividend yield of 3.9%. Magna International’s dividend payout ratio is 53.01%.

Institutional Trading of Magna International

A number of hedge funds have recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. purchased a new position in shares of Magna International in the 3rd quarter valued at approximately $8,606,000. Danske Bank A S purchased a new position in Magna International in the 3rd quarter valued at $112,000. Public Employees Retirement System of Ohio grew its position in Magna International by 196.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 139,659 shares of the company’s stock valued at $6,620,000 after buying an additional 92,613 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in Magna International by 1.8% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 14,241 shares of the company’s stock valued at $675,000 after buying an additional 246 shares during the period. Finally, Community Bank N.A. purchased a new position in Magna International during the 3rd quarter worth $29,000. 67.49% of the stock is owned by institutional investors and hedge funds.

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.