53,502 Shares in Magna International Inc. $MGA Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Magna International Inc. (NYSE:MGA) (TSE:MG) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 53,502 shares of the company’s stock, valued at approximately $3,406,000.

Other institutional investors and hedge funds have also modified their holdings of the company. TD Waterhouse Canada Inc. lifted its holdings in shares of Magna International by 10.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 2,130,562 shares of the company’s stock valued at $134,577,000 after buying an additional 206,433 shares during the last quarter. Amundi boosted its holdings in Magna International by 4.2% in the 2nd quarter. Amundi now owns 1,781,357 shares of the company’s stock valued at $117,778,000 after purchasing an additional 71,927 shares during the period. QV Investors Inc. grew its position in Magna International by 33.3% in the 3rd quarter. QV Investors Inc. now owns 739,472 shares of the company’s stock worth $47,220,000 after purchasing an additional 184,631 shares during the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of Magna International by 14.8% during the 1st quarter. Hillsdale Investment Management Inc. now owns 832,575 shares of the company’s stock worth $46,486,000 after purchasing an additional 107,150 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Magna International during the second quarter valued at about $28,495,000. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on MGA. Royal Bank Of Canada reduced their price objective on Magna International from $68.00 to $66.00 and set a “sector perform” rating for the company in a research report on Monday, November 2nd. Wall Street Zen cut Magna International from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. BMO Capital Markets downgraded shares of Magna International from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $76.00 to $70.00 in a report on Friday, September 18th. Barclays lifted their target price on shares of Magna International from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, October 9th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Magna International in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $68.73.

Magna International Price Performance

Magna International stock traded down $0.94 during trading hours on Friday, hitting $61.87. 862,840 shares of the stock were exchanged, compared to its average volume of 1,129,964. The stock has a market capitalization of $16.06 billion, a P/E ratio of 19.83, a P/E/G ratio of 0.70 and a beta of 1.46. The business’s 50-day moving average is $64.64 and its two-hundred day moving average is $62.86. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.88 and a current ratio of 1.14. Magna International Inc. has a 12 month low of $45.33 and a 12 month high of $73.22.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, October 30th. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.25. The business had revenue of $9.86 billion for the quarter, compared to analyst estimates of $10.01 billion. Magna International had a return on equity of 16.26% and a net margin of 1.99%. Magna International’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 EPS. Equities research analysts expect that Magna International Inc. will post 7.07 EPS for the current fiscal year.

Magna International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be given a $0.4950 dividend. This represents a $1.98 annualized dividend and a yield of 3.2%. The ex-dividend date is Friday, November 13th. Magna International’s payout ratio is 63.46%.

Magna International Company Profile

Magna International Inc is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.