Magna International (NYSE:MGA) Price Target Cut to $49.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective dropped by analysts at Wells Fargo & Company from $52.00 to $49.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 6.01% from the stock’s current price.

MGA has been the topic of a number of other reports. Evercore lowered shares of Magna International from an “outperform” rating to an “in-line” rating and decreased their price target for the company from $75.00 to $62.00 in a research note on Monday, April 15th. CIBC reduced their price target on shares of Magna International from $61.00 to $59.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Scotiabank reduced their target price on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. Royal Bank of Canada dropped their price objective on Magna International from $61.00 to $60.00 and set a “sector perform” rating for the company in a report on Monday, February 12th. Finally, TD Securities dropped their target price on Magna International from $69.00 to $63.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $62.14.

Magna International Stock Performance

MGA traded down $0.48 during trading hours on Monday, hitting $46.22. The stock had a trading volume of 703,414 shares, compared to its average volume of 1,419,517. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The stock has a market cap of $13.28 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 0.47 and a beta of 1.69. Magna International has a 1 year low of $46.11 and a 1 year high of $65.27. The company’s fifty day simple moving average is $52.00 and its 200 day simple moving average is $53.95.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.18). The business had revenue of $10.97 billion for the quarter, compared to analysts’ expectations of $10.97 billion. Magna International had a net margin of 2.35% and a return on equity of 12.97%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.11 earnings per share. Equities analysts anticipate that Magna International will post 6.13 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Several large investors have recently added to or reduced their stakes in MGA. Sunbelt Securities Inc. raised its stake in shares of Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Magna International by 332.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after buying an additional 526 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Magna International in the first quarter valued at about $49,000. S.A. Mason LLC lifted its stake in shares of Magna International by 24.4% in the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after buying an additional 229 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of Magna International by 50.8% in the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock worth $154,000 after purchasing an additional 879 shares in the last quarter. 67.49% of the stock is currently owned by hedge funds and other 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.