Magna International (NYSE:MGA) Price Target Raised to $38.00

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

A number of other brokerages also recently issued reports on MGA. Royal Bank Of Canada reduced their price objective on shares of Magna International from $32.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Tuesday, May 6th. Morgan Stanley decreased their price target on shares of Magna International from $40.00 to $38.00 and set an “equal weight” rating for the company in a research note on Monday, May 19th. UBS Group cut their price objective on Magna International from $41.00 to $34.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Veritas upgraded Magna International to a “hold” rating in a report on Thursday, April 24th. Finally, Bank of America raised their target price on Magna International from $42.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Magna International has a consensus rating of “Hold” and a consensus target price of $41.44.

Magna International Trading Down 1.0%

NYSE:MGA opened at $41.32 on Tuesday. The firm has a market capitalization of $11.64 billion, a P/E ratio of 10.33, a P/E/G ratio of 0.75 and a beta of 1.50. Magna International has a 52 week low of $30.39 and a 52 week high of $47.22. The company has a quick ratio of 0.74, a current ratio of 1.06 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average of $36.58 and a 200 day moving average of $37.33.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, May 2nd. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.12). The firm had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.66 billion. Magna International had a net margin of 2.73% and a return on equity of 11.96%. The business’s revenue was down 8.2% on a year-over-year basis. During the same period last year, the company posted $1.08 earnings per share. On average, research analysts predict that Magna International will post 5.87 earnings per share for the current year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a $0.485 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a yield of 4.70%. Magna International’s payout ratio is currently 48.50%.

Institutional Investors Weigh In On Magna International

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in shares of Magna International by 6.4% during the 4th quarter. Bank of New York Mellon Corp now owns 239,280 shares of the company’s stock valued at $10,000,000 after purchasing an additional 14,441 shares during the period. Jones Financial Companies Lllp boosted its stake in Magna International by 35.5% in the 4th quarter. Jones Financial Companies Lllp now owns 112,932 shares of the company’s stock worth $4,719,000 after purchasing an additional 29,567 shares during the period. SBI Securities Co. Ltd. bought a new stake in Magna International in the 4th quarter valued at $213,000. Lindbrook Capital LLC lifted its position in shares of Magna International by 43.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $43,000 after buying an additional 312 shares in the last quarter. Finally, 1620 Investment Advisors Inc. increased its position in Magna International by 3.6% in the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company’s stock worth $328,000 after purchasing an additional 276 shares during the last quarter. 67.49% of the stock is currently owned by 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.