Park Avenue Securities LLC bought a new position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,388 shares of the company’s stock, valued at approximately $775,000.
Several other hedge funds have also modified their holdings of MGA. Liberty Wealth Management LLC bought a new stake in shares of Magna International in the 4th quarter worth approximately $32,000. Community Bank N.A. bought a new stake in shares of Magna International in the 4th quarter worth approximately $33,000. Financial Gravity Companies Inc. bought a new stake in Magna International during the 4th quarter valued at $36,000. Parallel Advisors LLC raised its holdings in Magna International by 50.5% during the 4th quarter. Parallel Advisors LLC now owns 1,461 shares of the company’s stock valued at $66,000 after acquiring an additional 490 shares during the period. Finally, Legacy Advisors LLC bought a new stake in Magna International during the 1st quarter valued at $122,000. 56.77% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on MGA shares. TD Securities cut shares of Magna International from a “buy” rating to a “hold” rating and boosted their target price for the company from $59.00 to $61.00 in a report on Friday, February 22nd. BMO Capital Markets reissued a “buy” rating and set a $64.00 target price on shares of Magna International in a report on Friday, February 22nd. Wells Fargo & Co restated a “buy” rating and set a $63.00 price target (up from $62.00) on shares of Magna International in a research report on Friday, February 22nd. Citigroup boosted their price target on shares of Magna International from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, February 27th. Finally, ValuEngine lowered shares of Magna International from a “hold” rating to a “sell” rating in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $60.11.
NYSE:MGA traded down $0.80 during midday trading on Wednesday, hitting $43.91. The company had a trading volume of 1,638,700 shares, compared to its average volume of 1,214,450. Magna International Inc. has a 52-week low of $42.78 and a 52-week high of $66.81. The firm has a market capitalization of $14.28 billion, a PE ratio of 6.54, a price-to-earnings-growth ratio of 1.14 and a beta of 1.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.87 and a current ratio of 1.22.
Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Thursday, May 9th. The company reported $1.63 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $10.59 billion for the quarter, compared to analysts’ expectations of $10.60 billion. During the same quarter in the previous year, the company earned $1.84 earnings per share. The business’s quarterly revenue was down 1.9% on a year-over-year basis. On average, sell-side analysts forecast that Magna International Inc. will post 6.43 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $0.365 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $1.46 annualized dividend and a yield of 3.32%. Magna International’s payout ratio is 21.76%.
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About Magna International
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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