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

Magna International (NYSE:MGA - Free Report) TSE: MG had its price target increased by Wells Fargo & Company from $37.00 to $38.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other equities analysts have also commented on MGA. Veritas upgraded shares of Magna International to a "hold" rating in a research report on Thursday, April 24th. Barclays cut their price target on shares of Magna International from $47.00 to $37.00 and set an "equal weight" rating for the company in a report on Tuesday, April 15th. Bank of America upped their price target on shares of Magna International from $42.00 to $45.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. The Goldman Sachs Group dropped their price objective on Magna International from $38.00 to $31.00 and set a "sell" rating for the company in a research note on Thursday, April 10th. Finally, UBS Group decreased their target price on Magna International from $41.00 to $34.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $41.44.

Magna International Stock Performance

Magna International stock traded down $0.43 during mid-day trading on Tuesday, reaching $41.32. The company's stock had a trading volume of 832,035 shares, compared to its average volume of 1,741,517. The firm's fifty day moving average price is $36.72 and its two-hundred day moving average price is $37.31. 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 12-month low of $30.39 and a 12-month high of $47.22. The company has a market capitalization of $11.64 billion, a P/E ratio of 10.33, a PEG ratio of 0.75 and a beta of 1.50.

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

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a dividend of $0.485 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.70%. Magna International's dividend payout ratio is 48.50%.

Institutional Trading of Magna International

Several hedge funds and other institutional investors have recently bought and sold shares of MGA. ARGA Investment Management LP lifted its holdings in shares of Magna International by 17.0% in the 1st quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock worth $101,890,000 after acquiring an additional 436,366 shares during the last quarter. Russell Investments Group Ltd. raised its position in Magna International by 52.3% in the 4th quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company's stock worth $100,087,000 after purchasing an additional 822,375 shares during the period. Geode Capital Management LLC lifted its stake in Magna International by 32.2% in the fourth quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company's stock worth $63,280,000 after purchasing an additional 371,437 shares during the last quarter. Amundi boosted its position in Magna International by 19.0% during the first quarter. Amundi now owns 582,710 shares of the company's stock valued at $19,305,000 after buying an additional 93,189 shares during the period. Finally, Mufg Securities Canada LTD. grew its stake in shares of Magna International by 72.1% during the fourth quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company's stock valued at $17,228,000 after buying an additional 172,754 shares during the last quarter. Hedge funds and other 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.