Wells Fargo & Company Boosts Magna International (NYSE:MGA) Price Target to $38.00

Magna International (NYSE:MGA) (TSE:MG) had its price target increased by Wells Fargo & Company from $37.00 to $38.00 in a report released on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group dropped their target price on shares of Magna International from $38.00 to $31.00 and set a “sell” rating for the company in a research report on Thursday, April 10th. CIBC boosted their price objective on shares of Magna International from $33.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, May 5th. Morgan Stanley lowered their price objective on shares of Magna International from $40.00 to $38.00 and set an “equal weight” rating for the company in a report on Monday, May 19th. TD Securities boosted their price objective on shares of Magna International from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Finally, Barclays lowered their price objective on shares of Magna International from $47.00 to $37.00 and set an “equal weight” rating for the company in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Magna International currently has an average rating of “Hold” and an average target price of $41.44.

Magna International Trading Up 3.6%

Shares of Magna International stock opened at $39.99 on Tuesday. Magna International has a 1 year low of $30.39 and a 1 year high of $47.22. The firm has a market cap of $11.27 billion, a PE ratio of 10.00, a PEG ratio of 0.70 and a beta of 1.50. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.06 and a quick ratio of 0.74. The company has a 50 day simple moving average of $36.26 and a two-hundred day simple moving average of $37.31.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, May 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.12). Magna International had a net margin of 2.73% and a return on equity of 11.96%. The company had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.66 billion. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. Analysts expect that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date was Friday, May 16th. Magna International’s payout ratio is currently 48.50%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MGA. Versant Capital Management Inc purchased a new position in Magna International during the 1st quarter valued at $27,000. Cromwell Holdings LLC increased its position in Magna International by 131.6% during the 1st quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock valued at $28,000 after purchasing an additional 466 shares during the period. LRI Investments LLC increased its position in Magna International by 2,126.5% during the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock valued at $32,000 after purchasing an additional 723 shares during the period. Millstone Evans Group LLC purchased a new position in Magna International during the 4th quarter valued at $33,000. Finally, Lindbrook Capital LLC increased its position in Magna International by 43.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock valued at $43,000 after purchasing an additional 312 shares during the period. 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.