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

Magna International (NYSE:MGA) (TSE:MG) had its price objective upped by equities researchers at Wells Fargo & Company from $44.00 to $46.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 8.02% from the stock’s previous close.

A number of other brokerages have also weighed in on MGA. Barclays lowered their target price on Magna International from $55.00 to $50.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Evercore lowered their target price on Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, July 15th. Royal Bank of Canada lowered their target price on Magna International from $47.00 to $42.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 29th. JPMorgan Chase & Co. lowered their target price on Magna International from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Finally, TD Securities lowered their target price on Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $49.76.

Magna International Stock Performance

Magna International stock opened at $42.59 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. The stock has a fifty day moving average price of $41.33 and a two-hundred day moving average price of $43.03. Magna International has a 52-week low of $38.01 and a 52-week high of $60.32. The firm has a market capitalization of $12.24 billion, a P/E ratio of 11.39, a P/E/G ratio of 0.67 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a return on equity of 12.03% and a net margin of 2.52%. The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same quarter in the prior year, the company earned $1.46 earnings per share. The business’s revenue was down 3.8% compared to the same quarter last year. As a group, analysts anticipate that Magna International will post 5.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Magna International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kennebec Savings Bank bought a new position in Magna International during the third quarter worth about $32,000. Van ECK Associates Corp boosted its holdings in Magna International by 6.6% during the third quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock worth $517,000 after buying an additional 766 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Magna International by 11.4% during the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock worth $8,644,000 after buying an additional 21,532 shares during the last quarter. Arkadios Wealth Advisors bought a new position in Magna International during the third quarter worth about $216,000. Finally, Forsta AP Fonden boosted its holdings in Magna International by 20.3% during the third quarter. Forsta AP Fonden now owns 84,300 shares of the company’s stock worth $3,462,000 after buying an additional 14,200 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

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.