Magna International (NYSE:MGA) Price Target Cut to $45.00 by Analysts at Wells Fargo & Company

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

A number of other analysts have also recently commented on the company. Scotiabank lifted their price target on Magna International from $38.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Monday, July 14th. TD Securities raised their price objective on Magna International from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Evercore ISI upped their target price on Magna International from $37.00 to $40.00 and gave the company an “in-line” rating in a research report on Monday, August 4th. Wall Street Zen raised shares of Magna International from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 26th. Finally, UBS Group lifted their price objective on shares of Magna International from $37.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $44.00.

Magna International Stock Up 1.0%

MGA stock opened at $48.97 on Friday. The firm has a 50 day moving average of $45.11 and a 200 day moving average of $39.56. The stock has a market capitalization of $13.80 billion, a PE 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 has a 52 week low of $30.39 and a 52 week high of $49.00.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, August 1st. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the prior year, the business posted $1.35 EPS. Magna International’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. Sell-side analysts forecast that Magna International will post 5.87 earnings per share for the current year.

Magna International Dividend Announcement

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

Institutional Trading of Magna International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in Magna International by 5.5% during the first quarter. Bank of New York Mellon Corp now owns 252,500 shares of the company’s stock valued at $8,582,000 after buying an additional 13,220 shares during the period. ARK Investment Management LLC acquired a new stake in Magna International during the first quarter valued at $5,478,000. Janney Montgomery Scott LLC grew its position in Magna International by 19.9% during the first quarter. Janney Montgomery Scott LLC now owns 251,832 shares of the company’s stock valued at $8,560,000 after buying an additional 41,811 shares during the period. ARGA Investment Management LP grew its position in Magna International by 17.0% during the first quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company’s stock valued at $101,890,000 after buying an additional 436,366 shares during the period. Finally, Quantbot Technologies LP grew its position in Magna International by 3,849.3% during the first quarter. Quantbot Technologies LP now owns 165,908 shares of the company’s stock valued at $5,639,000 after buying an additional 161,707 shares during the period. Institutional investors and hedge funds 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.