Paloma Partners Management Co increased its stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 115.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,884 shares of the company’s stock after purchasing an additional 23,553 shares during the quarter. Paloma Partners Management Co’s holdings in Magna International were worth $2,488,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of MGA. Cornerstone Investment Partners LLC grew its holdings in Magna International by 87.6% in the 4th quarter. Cornerstone Investment Partners LLC now owns 3,223,162 shares of the company’s stock valued at $182,657,000 after buying an additional 1,505,458 shares during the period. Todd Asset Management LLC grew its holdings in Magna International by 53.0% in the 3rd quarter. Todd Asset Management LLC now owns 319,941 shares of the company’s stock valued at $17,079,000 after buying an additional 110,835 shares during the period. Neuberger Berman Group LLC purchased a new stake in Magna International in the 3rd quarter valued at about $5,333,000. Parametric Portfolio Associates LLC grew its holdings in Magna International by 13.0% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 630,125 shares of the company’s stock valued at $33,636,000 after buying an additional 72,588 shares during the period. Finally, Barometer Capital Management Inc. grew its holdings in Magna International by 531.5% in the 4th quarter. Barometer Capital Management Inc. now owns 56,834 shares of the company’s stock valued at $3,221,000 after buying an additional 47,834 shares during the period. Hedge funds and other institutional investors own 59.71% of the company’s stock.
Several analysts have commented on MGA shares. Wells Fargo & Co upgraded Magna International from a “market perform” rating to an “outperform” rating in a report on Friday, January 12th. ValuEngine raised Magna International from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 2nd. Macquarie reaffirmed an “outperform” rating and issued a $72.00 price objective (up from $59.00) on shares of Magna International in a research note on Tuesday, January 9th. TD Securities lowered Magna International from a “buy” rating to a “hold” rating and boosted their price target for the stock from $62.00 to $65.00 in a research report on Friday, January 19th. Finally, Scotiabank boosted their price target on Magna International from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target 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 business had revenue of $10.39 billion during the quarter, compared to analyst estimates of $10.11 billion. During the same period in the previous year, the company earned $1.31 earnings per share. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. analysts predict that Magna International Inc. will post 6.66 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders 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 dividend yield of 2.48%. This is a positive change from Magna International’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Thursday, March 8th. Magna International’s dividend payout ratio is presently 22.37%.
Magna International Company 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.
Want to see what other hedge funds are holding MGA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magna International Inc. (NYSE:MGA) (TSE:MG).
Receive News & Ratings for Magna International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magna International and related companies with MarketBeat.com's FREE daily email newsletter.