Wells Fargo & Company Cuts Magna International (NYSE:MGA) Price Target to $44.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective reduced by Wells Fargo & Company from $46.00 to $44.00 in a research report released on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also commented on MGA. TD Securities cut their price objective on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Scotiabank upped their price target on Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Monday, November 4th. The Goldman Sachs Group lowered Magna International from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $42.00 to $41.00 in a report on Wednesday, December 11th. Morgan Stanley lowered Magna International from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $55.00 to $43.00 in a research note on Wednesday, September 25th. Finally, Royal Bank of Canada decreased their price target on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Monday, November 4th. One research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $49.65.

Magna International Stock Performance

MGA opened at $41.95 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The stock’s 50 day moving average price is $43.40 and its two-hundred day moving average price is $42.48. The firm has a market capitalization of $12.05 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 0.83 and a beta of 1.61. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a return on equity of 11.88% and a net margin of 2.52%. The company’s revenue was down 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.46 EPS. On average, equities analysts forecast that Magna International will post 5.22 earnings per share for the current year.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.475 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.53%. Magna International’s dividend payout ratio (DPR) is presently 50.80%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGA. Toronto Dominion Bank increased its position in Magna International by 1.2% in the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after acquiring an additional 18,704 shares in the last quarter. Quantbot Technologies LP increased its holdings in shares of Magna International by 12.5% in the third quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock valued at $6,128,000 after purchasing an additional 16,639 shares in the last quarter. BNP Paribas Financial Markets raised its position in Magna International by 117,113.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after purchasing an additional 84,322 shares during the last quarter. Millennium Management LLC lifted its holdings in Magna International by 135.5% during the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after buying an additional 93,637 shares in the last quarter. Finally, JARISLOWSKY FRASER Ltd lifted its holdings in Magna International by 5.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after buying an additional 395,745 shares in the last quarter. Institutional investors and hedge funds 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.