Wells Fargo & Company Issues Pessimistic Forecast for Magna International (NYSE:MGA) Stock Price

Key Points

• Wells Fargo has reduced its price objective for Magna International from $46.00 to $45.00, indicating a potential downside of 7.15% from its current price.
• Despite the downgrade from Wells Fargo, other analysts have issued positive ratings, with TD Securities increasing their price target to $52.00 and maintaining a "buy" rating.
• Magna International's stock has been stable, trading down only 0.1% recently, and the company reported stronger-than-expected earnings with $1.44 EPS, surpassing expectations of $1.19 EPS.

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its price objective decreased by Wells Fargo & Company from $46.00 to $45.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential downside of 7.15% from the stock's current price.

Several other equities research analysts have also weighed in on MGA. TD Securities increased their price objective on shares of Magna International from $50.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Cfra Research upgraded shares of Magna International to a "hold" rating in a research report on Monday, August 4th. Scotiabank upped their target price on shares of Magna International from $38.00 to $44.00 and gave the stock a "sector perform" rating in a research report on Monday, July 14th. CIBC restated a "neutral" rating and issued a $47.00 target price (up previously from $46.00) on shares of Magna International in a research report on Tuesday, August 26th. Finally, Evercore ISI upped their target price on shares of Magna International from $37.00 to $40.00 and gave the stock an "in-line" rating in a research 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, Magna International currently has a consensus rating of "Hold" and an average target price of $44.00.

Magna International Stock Down 0.1%

Shares of Magna International stock traded down $0.03 during trading on Friday, reaching $48.47. The company had a trading volume of 111,982 shares, compared to its average volume of 1,730,015. The company has a market cap of $13.66 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 1.05 and a beta of 1.53. The firm's fifty day moving average is $44.99 and its 200-day moving average is $39.48. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.82 and a current ratio of 1.16. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $48.69.

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

Hedge Funds Weigh In On Magna International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its stake in Magna International by 5.5% in the 1st quarter. Bank of New York Mellon Corp now owns 252,500 shares of the company's stock worth $8,582,000 after purchasing an additional 13,220 shares during the period. ARK Investment Management LLC purchased a new stake in Magna International in the 1st quarter worth approximately $5,478,000. Janney Montgomery Scott LLC raised its holdings in shares of Magna International by 19.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 251,832 shares of the company's stock valued at $8,560,000 after purchasing an additional 41,811 shares in the last quarter. ARGA Investment Management LP raised its holdings in shares of Magna International by 17.0% during the 1st quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock valued at $101,890,000 after purchasing an additional 436,366 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in shares of Magna International by 3,849.3% during the 1st quarter. Quantbot Technologies LP now owns 165,908 shares of the company's stock valued at $5,639,000 after purchasing an additional 161,707 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company's stock.

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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