Wells Fargo & Company Lowers Magna International (NYSE:MGA) Price Target to $45.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective reduced by Wells Fargo & Company from $46.00 to $45.00 in a research report sent to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages have also issued reports on MGA. Wall Street Zen upgraded shares of Magna International from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 26th. Bank of America lifted their target price on shares of Magna International from $42.00 to $45.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $45.00 target price on shares of Magna International in a research report on Friday, September 12th. Barclays raised their price target on shares of Magna International from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Finally, TD Securities raised their price target on shares of Magna International from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Magna International presently has a consensus rating of “Hold” and a consensus target price of $44.00.

Magna International Stock Up 1.0%

Shares of NYSE MGA opened at $48.97 on Friday. The company’s 50-day simple moving average is $45.11 and its 200-day simple moving average is $39.56. Magna International has a 52-week low of $30.39 and a 52-week high of $49.00. The firm has a market cap of $13.80 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 1.08 and a beta of 1.53. The company has a quick ratio of 0.82, a current ratio of 1.16 and a debt-to-equity ratio of 0.39.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, August 1st. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.25. Magna International had a net margin of 2.91% and a return on equity of 11.89%. The business had revenue of $10.82 billion for the quarter, compared to analyst estimates of $10.10 billion. During the same quarter last year, the business earned $1.35 earnings per share. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. Magna International has set its FY 2025 guidance at EPS. Equities analysts predict that Magna International will post 5.87 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.485 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.94 dividend on an annualized basis and a yield of 4.0%. Magna International’s payout ratio is 45.54%.

Hedge Funds Weigh In On Magna International

Institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc purchased a new position in Magna International during the first quarter worth about $27,000. LRI Investments LLC purchased a new position in Magna International during the second quarter worth about $27,000. Cromwell Holdings LLC raised its stake in Magna International by 131.6% during the first quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock worth $28,000 after purchasing an additional 466 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in Magna International by 507.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,500 shares of the company’s stock worth $51,000 after purchasing an additional 1,253 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in Magna International by 385.1% during the second quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock worth $55,000 after purchasing an additional 1,136 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.