Magna International (NYSE:MGA) Price Target Cut to $49.00

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by analysts at Wells Fargo & Company from $52.00 to $49.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 6.01% from the stock’s previous close.

A number of other research firms have also recently weighed in on MGA. UBS Group boosted their target price on shares of Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. Scotiabank lowered their price objective on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. Royal Bank of Canada cut their price target on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Monday, February 12th. Barclays reduced their price target on Magna International from $63.00 to $62.00 and set an “equal weight” rating on the stock in a report on Thursday, April 11th. Finally, Citigroup lowered their price objective on Magna International from $60.00 to $57.00 and set a “neutral” rating for the company in a research report on Monday, February 12th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Magna International currently has a consensus rating of “Hold” and an average target price of $62.14.

Magna International Trading Down 1.0 %

MGA traded down $0.48 during trading on Monday, hitting $46.22. 703,414 shares of the company’s stock were exchanged, compared to its average volume of 1,419,517. The firm has a market cap of $13.28 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 0.47 and a beta of 1.69. Magna International has a 1 year low of $46.11 and a 1 year high of $65.27. The stock has a 50 day moving average price of $52.00 and a 200 day moving average price of $53.95. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.97%. The firm had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. During the same period last year, the company earned $1.11 EPS. The company’s revenue was up 2.8% on a year-over-year basis. As a group, analysts expect that Magna International will post 6.13 EPS for the current fiscal year.

Institutional Trading of Magna International

A number of institutional investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Magna International by 18.5% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock valued at $50,921,000 after acquiring an additional 147,950 shares during the period. Strengthening Families & Communities LLC raised its position in Magna International by 9.2% in the third quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock valued at $1,909,000 after purchasing an additional 2,997 shares during the period. Lorne Steinberg Wealth Management Inc. grew its stake in Magna International by 2.2% during the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock worth $3,699,000 after purchasing an additional 1,449 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Magna International by 1.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock worth $7,751,000 after acquiring an additional 1,737 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Magna International by 9.6% in the 3rd quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock valued at $192,000 after purchasing an additional 312 shares during the period. Hedge funds and other institutional investors 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.