Wells Fargo & Company Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Key Points

• Wells Fargo & Company raised its target price for Magna International from $45.00 to $46.00, maintaining an "equal weight" rating, which suggests a potential downside of approximately 0.43% from its last close.
• Multiple analysts have upgraded Magna International's rating and target prices, with an average target of $44.07 and three analysts giving a "Buy" rating, while others have a "Hold" or "Sell" rating.
• Magna International recently posted earnings of $1.44 per share, beating expectations of $1.19, despite a 3.0% decline in revenue compared to the previous year.

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its target price upped by research analysts at Wells Fargo & Company from $45.00 to $46.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective suggests a potential downside of 0.43% from the stock's previous close.

Other analysts have also recently issued research reports about the company. Evercore ISI boosted their target price on Magna International from $37.00 to $40.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. CIBC restated a "neutral" rating and issued a $47.00 price target (up previously from $46.00) on shares of Magna International in a report on Tuesday, August 26th. Scotiabank increased their price objective on shares of Magna International from $38.00 to $44.00 and gave the company a "sector perform" rating in a research report on Monday, July 14th. Bank of America raised their price target on shares of Magna International from $42.00 to $45.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Finally, Cfra Research upgraded shares of Magna International to a "hold" rating in a report on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $44.07.

Magna International Price Performance

Magna International stock traded up $0.17 during mid-day trading on Thursday, reaching $46.20. The company had a trading volume of 58,472 shares, compared to its average volume of 1,733,145. The stock's 50-day simple moving average is $44.40 and its 200-day simple moving average is $39.04. The company has a market capitalization of $13.02 billion, a P/E ratio of 10.81, a P/E/G ratio of 1.03 and a beta of 1.53. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82. Magna International has a 1 year low of $30.39 and a 1 year high of $47.79.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its quarterly earnings data on Friday, August 1st. The company reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.25. Magna International had a return on equity of 11.89% and a net margin of 2.91%.The business had revenue of $10.82 billion for the quarter, compared to analyst estimates of $10.10 billion. During the same quarter last year, the company earned $1.35 earnings per share. The business's revenue for the quarter was down 3.0% compared to the same quarter last year. Magna International has set its FY 2025 guidance at EPS. On average, equities analysts predict that Magna International will post 5.87 EPS for the current year.

Institutional Investors Weigh In On Magna International

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc purchased a new stake in Magna International during the first quarter valued at about $27,000. LRI Investments LLC purchased a new stake in shares of Magna International during the 2nd quarter worth about $27,000. Cromwell Holdings LLC increased its stake in shares of Magna International by 131.6% during the 1st quarter. Cromwell Holdings LLC now owns 820 shares of the company's stock worth $28,000 after purchasing an additional 466 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in Magna International by 507.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,500 shares of the company's stock valued at $51,000 after acquiring an additional 1,253 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Magna International by 385.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company's stock worth $55,000 after purchasing an additional 1,136 shares during the last quarter. 67.49% of the stock is currently 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.

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