Wells Fargo & Company Cuts Magna International (NYSE:MGA) Price Target to $46.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective reduced by Wells Fargo & Company from $49.00 to $46.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts also recently commented on MGA. Scotiabank dropped their price objective on Magna International from $59.00 to $55.00 and set a sector perform rating on the stock in a research note on Monday, May 6th. Barclays dropped their price objective on Magna International from $62.00 to $60.00 and set an equal weight rating on the stock in a research note on Monday, May 6th. The Goldman Sachs Group lowered their target price on shares of Magna International from $56.00 to $48.00 and set a neutral rating on the stock in a report on Monday, May 6th. Evercore lowered their target price on shares of Magna International from $62.00 to $60.00 and set an in-line rating on the stock in a report on Monday, May 6th. Finally, National Bankshares lowered their target price on shares of Magna International from $60.00 to $57.00 and set a market perform rating on the stock in a report on Monday, May 6th. Twelve research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Magna International has a consensus rating of Hold and a consensus price target of $59.81.

Magna International Price Performance

Shares of NYSE MGA opened at $41.68 on Tuesday. Magna International has a twelve month low of $41.21 and a twelve month high of $65.27. The stock’s 50 day moving average price is $45.78 and its 200-day moving average price is $51.87. The company has a market capitalization of $11.98 billion, a PE ratio of 11.84, a PEG ratio of 0.54 and a beta of 1.63. The company has a quick ratio of 0.76, a current ratio of 1.09 and a debt-to-equity ratio of 0.38.

Magna International (NYSE:MGA) (TSE:MG) last announced its 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 12.96% and a net margin of 2.35%. The business had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.97 billion. During the same quarter in the previous year, the firm earned $1.11 EPS. Magna International’s quarterly revenue was up 2.8% on a year-over-year basis. On average, equities analysts anticipate that Magna International will post 5.81 EPS for the current year.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were issued a dividend of $0.475 per share. The ex-dividend date was Thursday, May 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.56%. Magna International’s payout ratio is 53.98%.

Hedge Funds Weigh In On Magna International

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lorne Steinberg Wealth Management Inc. raised its holdings in Magna International by 3.9% in the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock worth $4,217,000 after purchasing an additional 2,646 shares during the period. Natixis Advisors L.P. raised its holdings in Magna International by 243.3% in the 3rd quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock worth $2,724,000 after purchasing an additional 36,005 shares during the period. Toronto Dominion Bank raised its holdings in Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after purchasing an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Magna International by 0.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after purchasing an additional 2,727 shares during the period. Finally, Prime Capital Investment Advisors LLC bought a new position in Magna International in the 4th quarter worth $237,000. 67.49% of the stock is owned by institutional investors.

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.