Meritage Portfolio Management Purchases New Stake in Magna International Inc. $MGA

Meritage Portfolio Management purchased a new position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 74,940 shares of the company’s stock, valued at approximately $3,551,000.

Several other institutional investors have also made changes to their positions in MGA. Cigna Investments Inc. New acquired a new position in Magna International in the third quarter worth approximately $218,000. JARISLOWSKY FRASER Ltd grew its position in Magna International by 21.0% in the third quarter. JARISLOWSKY FRASER Ltd now owns 20,686 shares of the company’s stock worth $980,000 after acquiring an additional 3,596 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Magna International by 98.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,839 shares of the company’s stock valued at $134,000 after buying an additional 1,408 shares during the last quarter. Steph & Co. increased its position in Magna International by 51.6% in the 3rd quarter. Steph & Co. now owns 6,578 shares of the company’s stock worth $312,000 after buying an additional 2,240 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Magna International by 14.2% during the second quarter. Ameriprise Financial Inc. now owns 56,868 shares of the company’s stock worth $2,196,000 after buying an additional 7,073 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGA has been the topic of a number of research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magna International in a research report on Wednesday, October 8th. TD Securities raised their price target on shares of Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Wall Street Zen downgraded Magna International from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Finally, Scotiabank upped their price target on Magna International from $47.00 to $52.00 and gave the company a “sector perform” rating in a report on Monday, November 3rd. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.07.

Magna International Trading Down 0.9%

Shares of MGA opened at $56.50 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.18. The company has a market cap of $15.83 billion, a price-to-earnings ratio of 15.44 and a beta of 1.50. The stock has a fifty day moving average price of $51.69 and a two-hundred day moving average price of $47.09. Magna International Inc. has a 52-week low of $30.39 and a 52-week high of $57.55.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, October 31st. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.09. Magna International had a net margin of 2.50% and a return on equity of 11.88%. The business had revenue of $10.50 billion for the quarter, compared to analyst estimates of $10.03 billion. During the same period in the prior year, the business posted $1.28 earnings per share. Magna International’s revenue was up 1.8% compared to the same quarter last year. Analysts predict that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Friday, November 14th. Magna International’s dividend payout ratio is presently 53.01%.

Magna International 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.