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

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

Other equities research analysts have also issued research reports about the stock. Citigroup dropped their price objective on shares of Magna International from $60.00 to $57.00 and set a “neutral” rating for the company in a report on Monday, February 12th. Scotiabank lowered their price objective on Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a research report on Monday, February 12th. Royal Bank of Canada reduced their target price on Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Monday, February 12th. JPMorgan Chase & Co. upped their price target on Magna International from $69.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Finally, StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a research report on Thursday, May 2nd. Twelve 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, Magna International currently has an average rating of “Hold” and an average target price of $60.00.

Magna International Price Performance

Shares of NYSE MGA opened at $46.60 on Monday. The stock has a market capitalization of $13.39 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 0.47 and a beta of 1.69. Magna International has a 52 week low of $45.99 and a 52 week high of $65.27. The firm has a 50-day simple moving average of $51.71 and a 200-day simple moving average of $53.89. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last released 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 12.97% 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 period last 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. On average, equities analysts predict that Magna International will post 6.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Magna International by 18.5% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after acquiring an additional 147,950 shares in the last quarter. Strengthening Families & Communities LLC increased its holdings in Magna International by 9.2% in the third quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock valued at $1,909,000 after buying an additional 2,997 shares during the last quarter. Lorne Steinberg Wealth Management Inc. increased its holdings in Magna International by 2.2% in the third quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock valued at $3,699,000 after buying an additional 1,449 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Magna International by 1.2% in the third quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock valued at $7,751,000 after buying an additional 1,737 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Magna International by 9.6% during the 3rd quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock worth $192,000 after buying an additional 312 shares during the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

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.