CENTRAL TRUST Co lessened its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,057 shares of the company’s stock after selling 185 shares during the period. CENTRAL TRUST Co’s holdings in Magna International were worth $538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of MGA. Norges Bank purchased a new stake in shares of Magna International during the fourth quarter worth about $162,620,000. Ellis Investment Partners LLC lifted its holdings in shares of Magna International by 4,787.7% during the first quarter. Ellis Investment Partners LLC now owns 1,906,688 shares of the company’s stock worth $1,906,000 after purchasing an additional 1,867,678 shares during the period. Miller Howard Investments Inc. NY acquired a new stake in shares of Magna International during the first quarter worth about $72,126,000. Bank of New York Mellon Corp lifted its holdings in shares of Magna International by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,096,279 shares of the company’s stock worth $49,826,000 after purchasing an additional 14,258 shares during the period. Finally, United Services Automobile Association lifted its holdings in shares of Magna International by 6.6% during the fourth quarter. United Services Automobile Association now owns 899,603 shares of the company’s stock worth $40,887,000 after purchasing an additional 55,932 shares during the period. Institutional investors own 60.60% of the company’s stock.
A number of research firms recently commented on MGA. ValuEngine raised Magna International from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Zacks Investment Research downgraded Magna International from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Wolfe Research downgraded Magna International from an “outperform” rating to a “peer perform” rating in a report on Wednesday, May 1st. TD Securities downgraded Magna International from a “buy” rating to a “hold” rating and lifted their target price for the stock from $59.00 to $61.00 in a report on Friday, February 22nd. Finally, Wells Fargo & Co reaffirmed a “buy” rating and set a $63.00 target price (up previously from $62.00) on shares of Magna International in a report on Friday, February 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Magna International presently has a consensus rating of “Hold” and a consensus price target of $60.56.
NYSE:MGA traded down $0.28 during trading hours on Wednesday, reaching $44.20. The company had a trading volume of 1,630,333 shares, compared to its average volume of 1,206,649. Magna International Inc. has a 1-year low of $42.88 and a 1-year high of $66.81. The company has a market capitalization of $14.34 billion, a PE ratio of 6.59, a PEG ratio of 1.14 and a beta of 1.45. The company has a current ratio of 1.22, a quick ratio of 0.87 and a debt-to-equity ratio of 0.26.
Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Thursday, May 9th. The company reported $1.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.73 by ($0.10). Magna International had a net margin of 6.75% and a return on equity of 19.01%. The company had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.60 billion. During the same period in the previous year, the firm posted $1.84 earnings per share. The company’s revenue was down 1.9% compared to the same quarter last year. Equities research analysts predict that Magna International Inc. will post 6.43 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be issued a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Thursday, May 23rd. Magna International’s payout ratio is presently 21.76%.
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Magna International Company Profile
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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