Wells Fargo & Company Has Lowered Expectations for Magna International (NYSE:MGA) Stock Price

Magna International (NYSE:MGA) (TSE:MG) had its price target decreased by analysts at Wells Fargo & Company from $46.00 to $44.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 0.68% from the company’s current price.

MGA has been the subject of a number of other research reports. Scotiabank increased their price target on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Monday, November 4th. UBS Group lifted their price target on Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Morgan Stanley downgraded Magna International from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $55.00 to $43.00 in a research note on Wednesday, September 25th. The Goldman Sachs Group cut shares of Magna International from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $42.00 to $41.00 in a research report on Wednesday, December 11th. Finally, TD Securities cut their target price on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $49.65.

Magna International Price Performance

Shares of NYSE MGA opened at $44.30 on Monday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. The business has a 50-day moving average of $43.28 and a 200-day moving average of $42.50. The stock has a market capitalization of $12.73 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 0.83 and a beta of 1.61. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. As a group, sell-side analysts predict that Magna International will post 5.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

Several hedge funds have recently bought and sold shares of MGA. Toronto Dominion Bank increased its stake in shares of Magna International by 1.2% in the third quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after buying an additional 18,704 shares during the period. Quantbot Technologies LP lifted its stake in shares of Magna International by 12.5% in the third quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock worth $6,128,000 after acquiring an additional 16,639 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Magna International by 117,113.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock valued at $3,464,000 after purchasing an additional 84,322 shares during the last quarter. Millennium Management LLC raised its stake in Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after buying an additional 93,637 shares during the last quarter. Finally, JARISLOWSKY FRASER Ltd lifted its stake in shares of Magna International by 5.9% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after purchasing an additional 395,745 shares during the period. 67.49% of the stock is 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.