Magna International (NYSE:MGA) Given New $38.00 Price Target at Wells Fargo & Company

Magna International (NYSE:MGA - Free Report) TSE: MG had its target price upped by Wells Fargo & Company from $37.00 to $38.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

MGA has been the topic of a number of other research reports. Wall Street Zen raised shares of Magna International from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. UBS Group cut their price target on Magna International from $41.00 to $34.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Royal Bank Of Canada decreased their price objective on Magna International from $32.00 to $31.00 and set a "sector perform" rating for the company in a report on Tuesday, May 6th. Scotiabank cut their target price on Magna International from $45.00 to $38.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 29th. Finally, BMO Capital Markets reduced their price target on Magna International from $47.00 to $41.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Magna International presently has a consensus rating of "Hold" and a consensus target price of $41.44.

Magna International Stock Performance

Shares of NYSE MGA traded up $1.38 during midday trading on Tuesday, hitting $39.99. The company's stock had a trading volume of 1,617,612 shares, compared to its average volume of 1,736,383. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.74 and a current ratio of 1.06. Magna International has a 1-year low of $30.39 and a 1-year high of $47.22. The firm's fifty day moving average price is $36.12 and its 200-day moving average price is $37.29. The firm has a market cap of $11.27 billion, a P/E ratio of 10.00, a P/E/G ratio of 0.67 and a beta of 1.50.

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

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend was Friday, May 16th. Magna International's dividend payout ratio is presently 48.50%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. LRI Investments LLC raised its position in shares of Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company's stock worth $32,000 after purchasing an additional 723 shares during the period. Versant Capital Management Inc purchased a new position in shares of Magna International in the first quarter worth approximately $27,000. Millstone Evans Group LLC acquired a new stake in Magna International during the 4th quarter valued at $33,000. Cromwell Holdings LLC boosted its position in shares of Magna International by 131.6% in the first quarter. Cromwell Holdings LLC now owns 820 shares of the company's stock worth $28,000 after buying an additional 466 shares during the period. Finally, Lindbrook Capital LLC boosted its position in Magna International by 43.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,036 shares of the company's stock worth $43,000 after acquiring an additional 312 shares during the period. Institutional investors own 67.49% of the company's stock.

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.