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

Magna International (NYSE:MGA) (TSE:MG) had its price target dropped by analysts at Wells Fargo & Company from $51.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 2.13% from the company’s previous close.

MGA has been the topic of a number of other research reports. Evercore ISI boosted their target price on shares of Magna International from $47.00 to $52.00 and gave the company an “in-line” rating in a report on Monday, November 24th. Citigroup lifted their price target on shares of Magna International from $49.00 to $55.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. TD Securities upped their price objective on shares of Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. raised their target price on shares of Magna International from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Finally, Morgan Stanley lifted their target price on shares of Magna International from $38.00 to $54.00 and gave the company an “equal weight” rating in a report on Monday. 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $50.33.

Magna International Stock Performance

Magna International stock opened at $51.09 on Tuesday. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $51.41. The stock’s 50 day simple moving average is $47.62 and its two-hundred day simple moving average is $44.08. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.18. The stock has a market cap of $14.36 billion, a price-to-earnings ratio of 13.96 and a beta of 1.53.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.09. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The company had revenue of $10.50 billion during the quarter, compared to analysts’ expectations of $10.03 billion. During the same quarter last year, the business posted $1.28 EPS. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, analysts expect that Magna International will post 5.87 earnings per share for the current fiscal year.

Institutional Trading of Magna International

Institutional investors have recently added to or reduced their stakes in the business. LRI Investments LLC purchased a new stake in shares of Magna International during the second quarter valued at $27,000. Community Bank N.A. bought a new stake in shares of Magna International in the third quarter worth approximately $29,000. Farther Finance Advisors LLC raised its holdings in shares of Magna International by 385.1% during the second quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock valued at $55,000 after purchasing an additional 1,136 shares during the last quarter. Parallel Advisors LLC lifted its position in Magna International by 115.3% during the second quarter. Parallel Advisors LLC now owns 2,498 shares of the company’s stock valued at $96,000 after purchasing an additional 1,338 shares during the period. Finally, Danske Bank A S purchased a new stake in Magna International in the third quarter worth approximately $112,000. 67.49% of the stock is currently 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.