Quantitative Investment Management LLC lowered its stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 63.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,900 shares of the company’s stock after selling 185,100 shares during the period. Quantitative Investment Management LLC’s holdings in Magna International were worth $6,114,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of MGA. Cornerstone Investment Partners LLC boosted its holdings in Magna International by 87.6% during the fourth quarter. Cornerstone Investment Partners LLC now owns 3,223,162 shares of the company’s stock worth $182,657,000 after buying an additional 1,505,458 shares during the last quarter. Todd Asset Management LLC boosted its holdings in Magna International by 53.0% during the third quarter. Todd Asset Management LLC now owns 319,941 shares of the company’s stock worth $17,079,000 after buying an additional 110,835 shares during the last quarter. Neuberger Berman Group LLC bought a new position in Magna International during the third quarter worth about $5,333,000. Parametric Portfolio Associates LLC boosted its holdings in Magna International by 13.0% during the third quarter. Parametric Portfolio Associates LLC now owns 630,125 shares of the company’s stock worth $33,636,000 after buying an additional 72,588 shares during the last quarter. Finally, Barometer Capital Management Inc. boosted its holdings in Magna International by 531.5% during the fourth quarter. Barometer Capital Management Inc. now owns 56,834 shares of the company’s stock worth $3,221,000 after buying an additional 47,834 shares during the last quarter. Hedge funds and other institutional investors own 59.71% of the company’s stock.
Several equities analysts have recently weighed in on the company. Macquarie reiterated an “outperform” rating and set a $72.00 price objective (up previously from $59.00) on shares of Magna International in a report on Tuesday, January 9th. Raymond James Financial lifted their price objective on Magna International from $67.00 to $68.00 and gave the company an “outperform” rating in a report on Thursday, January 11th. Wells Fargo & Co upgraded Magna International from a “market perform” rating to an “outperform” rating in a report on Friday, January 12th. KeyCorp reiterated a “buy” rating on shares of Magna International in a report on Wednesday, January 17th. Finally, Scotiabank lifted their price objective on Magna International from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Magna International presently has an average rating of “Buy” and an average target price of $63.08.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Thursday, February 22nd. The company reported $1.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.58 by ($0.01). Magna International had a net margin of 5.66% and a return on equity of 19.61%. The firm had revenue of $10.39 billion during the quarter, compared to analyst estimates of $10.11 billion. During the same period in the prior year, the business posted $1.31 EPS. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. equities analysts expect that Magna International Inc. will post 6.66 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Thursday, March 8th. This is a positive change from Magna International’s previous quarterly dividend of $0.28. Magna International’s dividend payout ratio (DPR) is currently 22.37%.
Magna International Profile
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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