Magna International (NYSE:MGA) Given New $67.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Magna International’s price target to $67 from $62 while maintaining an “equal weight” rating, implying 2.45% downside from the prior close.
• Analyst sentiment remains mixed: Magna has an overall “Hold” consensus rating and an average price target of $67.07, with targets ranging from $69 to $75 among several other firms.
• Magna exceeded quarterly expectations, reporting $1.86 in EPS versus $1.53 expected and $10.84 billion in revenue, up 3.3% year over year; shares recently traded at $68.69.

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its target price upped by equities research analysts at Wells Fargo & Company from $62.00 to $67.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target indicates a potential downside of 2.45% from the stock's previous close.

A number of other equities analysts also recently commented on MGA. Citigroup lifted their target price on Magna International from $58.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Canadian Imperial Bank of Commerce dropped their price target on Magna International to $74.00 in a research report on Monday, May 4th. Veritas raised Magna International to a "strong-buy" rating in a report on Monday, May 4th. Royal Bank Of Canada upped their price objective on Magna International from $66.00 to $69.00 and gave the stock a "sector perform" rating in a research note on Monday. Finally, Scotiabank upped their price target on shares of Magna International from $72.00 to $74.00 and gave the stock a "sector outperform" rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Magna International currently has an average rating of "Hold" and an average target price of $67.07.

Magna International Stock Performance

Shares of Magna International stock traded up $0.09 during trading hours on Monday, reaching $68.69. The company's stock had a trading volume of 42,165 shares, compared to its average volume of 1,635,270. The company's 50 day simple moving average is $65.83 and its 200 day simple moving average is $61.06. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 1.22. Magna International has a one year low of $40.87 and a one year high of $70.36. The stock has a market cap of $18.37 billion, a P/E ratio of 24.80, a price-to-earnings-growth ratio of 0.93 and a beta of 1.44.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its quarterly earnings results on Friday, July 31st. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.53 by $0.33. Magna International had a net margin of 1.80% and a return on equity of 14.87%. The business had revenue of $10.84 billion during the quarter, compared to analyst estimates of $10.63 billion. During the same period in the previous year, the business posted $1.44 EPS. The company's quarterly revenue was up 3.3% on a year-over-year basis. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. As a group, analysts expect that Magna International will post 6.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGA. Hudson Value Partners LLC bought a new stake in Magna International during the second quarter worth approximately $609,000. EverSource Wealth Advisors LLC grew its holdings in Magna International by 115.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,675 shares of the company's stock worth $93,000 after acquiring an additional 896 shares during the period. Public Employees Retirement System of Ohio raised its position in Magna International by 43.5% in the first quarter. Public Employees Retirement System of Ohio now owns 199,358 shares of the company's stock worth $11,095,000 after acquiring an additional 60,432 shares in the last quarter. Oslo Pensjonsforsikring AS bought a new position in shares of Magna International during the 1st quarter valued at about $45,000. Finally, Parallel Advisors LLC grew its position in Magna International by 9.1% in the first quarter. Parallel Advisors LLC now owns 3,299 shares of the company's stock worth $184,000 after buying an additional 275 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company's stock.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna's broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.

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