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

Magna International (NYSE:MGA) (TSE:MG) had its price objective boosted by research analysts at Wells Fargo & Company from $44.00 to $46.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 9.60% from the stock’s current price.

MGA has been the subject of several other research reports. Royal Bank of Canada decreased their price objective on shares of Magna International from $47.00 to $42.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 29th. CIBC dropped their price target on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. Scotiabank cut their price objective on 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. Barclays decreased their target price on Magna International from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Finally, Evercore ISI cut their price target on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $49.76.

Magna International Stock Performance

Shares of Magna International stock opened at $41.97 on Monday. The business has a 50-day simple moving average of $41.34 and a 200 day simple moving average of $43.11. The firm has a market capitalization of $12.06 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 0.63 and a beta of 1.59. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. Magna International has a one year low of $38.01 and a one year high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last issued 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 for the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. Magna International’s revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the business posted $1.46 earnings per share. On average, research analysts anticipate that Magna International will post 5.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

Several hedge funds have recently made changes to their positions in the business. JARISLOWSKY FRASER Ltd increased its position in shares of Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after buying an additional 395,745 shares during the period. Toronto Dominion Bank lifted its stake in shares of Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after purchasing an additional 30,361 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after purchasing an additional 289,105 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Magna International by 11.4% in the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock worth $8,644,000 after purchasing an additional 21,532 shares during the period. Finally, Millennium Management LLC raised its holdings in Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares in the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.