Wells Fargo & Company Boosts Magna International (NYSE:MGA) Price Target to $46.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective upped by stock analysts at Wells Fargo & Company from $44.00 to $46.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.02% from the stock’s previous close.

Several other research firms also recently weighed in on MGA. Scotiabank reduced their price objective on shares of Magna International from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Royal Bank of Canada cut their price target on shares of Magna International from $47.00 to $42.00 and set a “sector perform” rating for the company in a report on Tuesday, October 29th. Evercore cut their price target on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, July 15th. TD Securities cut their price target on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, The Goldman Sachs Group cut their price target on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $49.76.

Magna International Stock Performance

MGA stock opened at $42.59 on Monday. The company has a market capitalization of $12.24 billion, a P/E ratio of 11.39, a PEG ratio of 0.67 and a beta of 1.59. The company has a 50-day simple moving average of $41.33 and a 200 day simple moving average of $43.03. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to analyst estimates of $10.34 billion. Magna International had a return on equity of 12.03% and a net margin of 2.52%. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.46 EPS. Sell-side analysts predict that Magna International will post 5.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in Magna International by 202.7% during the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock worth $1,433,000 after purchasing an additional 17,611 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Magna International by 5.8% in the first quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock valued at $8,573,000 after acquiring an additional 8,680 shares during the period. Quantbot Technologies LP bought a new stake in shares of Magna International in the first quarter valued at approximately $1,009,000. SG Americas Securities LLC boosted its position in shares of Magna International by 22.2% in the first quarter. SG Americas Securities LLC now owns 36,170 shares of the company’s stock valued at $1,971,000 after acquiring an additional 6,581 shares during the period. Finally, Forsta AP Fonden boosted its position in shares of Magna International by 20.4% in the first quarter. Forsta AP Fonden now owns 64,800 shares of the company’s stock valued at $3,533,000 after acquiring an additional 11,000 shares during the period. 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.