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

Magna International (NYSE:MGA) (TSE:MG) had its target price increased by equities researchers at Wells Fargo & Company from $43.00 to $44.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 5.16% from the company’s current price.

MGA has been the topic of several other reports. Bank of America decreased their price target on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. CIBC dropped their target price on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. JPMorgan Chase & Co. decreased their price target on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Evercore ISI reduced their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. Finally, Scotiabank cut their price target on shares of Magna International from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $51.12.

Magna International Stock Down 1.6 %

NYSE MGA traded down $0.67 during trading on Friday, hitting $41.84. The stock had a trading volume of 198,458 shares, compared to its average volume of 1,613,822. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. The company’s 50-day moving average price is $41.61 and its two-hundred day moving average price is $45.68. The company has a market capitalization of $12.02 billion, a PE ratio of 11.89, a P/E/G ratio of 0.60 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $11.01 billion. During the same quarter in the prior year, the firm posted $1.50 earnings per share. The business’s revenue was down .2% compared to the same quarter last year. As a group, sell-side analysts forecast that Magna International will post 5.58 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. JARISLOWSKY FRASER Ltd grew its holdings in Magna International by 5.9% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after acquiring an additional 395,745 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of Magna International by 1.9% during the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after purchasing an additional 30,361 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Magna International by 35.5% in the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after purchasing an additional 289,105 shares during the last quarter. Azimuth Capital Investment Management LLC increased its holdings in Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after purchasing an additional 53,695 shares during the period. Finally, Millennium Management LLC raised its position in Magna International by 135.5% during the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after purchasing an additional 93,637 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

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.