Magna International (NYSE:MGA) Given New $43.00 Price Target at Wells Fargo & Company

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by Wells Fargo & Company from $46.00 to $43.00 in a research note released on Monday, Benzinga reports. The firm currently has an equal weight rating on the stock.

MGA has been the subject of a number of other reports. BNP Paribas upgraded shares of Magna International from a neutral rating to an outperform rating in a research report on Monday, July 1st. Citigroup decreased their target price on Magna International from $52.00 to $47.00 and set a neutral rating on the stock in a research note on Friday, July 12th. UBS Group dropped their price target on Magna International from $51.00 to $46.00 and set a neutral rating for the company in a research report on Wednesday, July 10th. Morgan Stanley decreased their price objective on shares of Magna International from $65.00 to $60.00 and set an overweight rating on the stock in a research report on Friday, May 10th. Finally, CIBC dropped their target price on shares of Magna International from $54.00 to $50.00 and set a neutral rating for the company in a research report on Thursday, July 25th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $51.94.

Magna International Stock Up 0.8 %

Magna International stock opened at $39.19 on Monday. The firm has a 50 day simple moving average of $42.93 and a 200 day simple moving average of $48.78. The company has a current ratio of 1.09, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. Magna International has a 1-year low of $38.39 and a 1-year high of $60.55. The firm has a market capitalization of $11.26 billion, a price-to-earnings ratio of 11.13, a P/E/G ratio of 0.59 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). Magna International had a net margin of 2.35% and a return on equity of 12.96%. The company had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $11.01 billion. During the same period in the previous year, the firm earned $1.50 EPS. The firm’s quarterly revenue was down .2% compared to the same quarter last year. On average, analysts predict that Magna International will post 5.68 earnings per share for the current year.

Magna International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend is Friday, August 16th. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in shares of Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after purchasing an additional 319 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Magna International by 13.0% during the first quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock valued at $165,000 after buying an additional 350 shares during the period. Van ECK Associates Corp raised its holdings in shares of Magna International by 11.7% during the fourth quarter. Van ECK Associates Corp now owns 3,995 shares of the company’s stock valued at $236,000 after acquiring an additional 419 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after acquiring an additional 523 shares during the period. Finally, LRI Investments LLC bought a new stake in Magna International in the first quarter valued at $36,000. 67.49% of the stock is owned by hedge funds and other 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.