Magna International (NYSE:MGA) Given New $44.00 Price Target at Wells Fargo & Company

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

Several other brokerages have also recently weighed in on MGA. The Goldman Sachs Group cut Magna International from a “neutral” rating to a “sell” rating and dropped their target price for the company from $42.00 to $41.00 in a report on Wednesday, December 11th. TD Securities dropped their price objective on Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Scotiabank upped their price target on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Monday, November 4th. UBS Group raised their price target on shares of Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Finally, StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $49.65.

Magna International Stock Down 1.2 %

Shares of MGA opened at $43.75 on Monday. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. The stock has a 50 day simple moving average of $43.34 and a two-hundred day simple moving average of $42.49. The firm has a market cap of $12.57 billion, a P/E ratio of 11.70, a P/E/G ratio of 0.83 and a beta of 1.61.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data 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 business had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. Magna International’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. On average, analysts forecast that Magna International will post 5.22 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.34%. The ex-dividend date was Friday, November 15th. Magna International’s dividend payout ratio is currently 50.80%.

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently modified their holdings of MGA. Grove Bank & Trust increased its position in Magna International by 70.4% during the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock valued at $34,000 after buying an additional 343 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of Magna International by 84.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after acquiring an additional 513 shares in the last quarter. Sienna Gestion increased its holdings in shares of Magna International by 13.0% during the second quarter. Sienna Gestion now owns 6,091 shares of the company’s stock valued at $255,000 after acquiring an additional 700 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Magna International by 6.6% in the 3rd quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock worth $517,000 after purchasing an additional 766 shares during the last quarter. Finally, Kennebec Savings Bank bought a new position in Magna International in the 3rd quarter worth about $32,000. 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.