KAMES CAPITAL plc lowered its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 15.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,796 shares of the company’s stock after selling 5,298 shares during the period. KAMES CAPITAL plc’s holdings in Magna International were worth $1,512,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Glen Harbor Capital Management LLC purchased a new stake in Magna International during the second quarter valued at about $140,000. Nomura Holdings Inc. grew its position in Magna International by 48.8% during the second quarter. Nomura Holdings Inc. now owns 11,047 shares of the company’s stock valued at $642,000 after acquiring an additional 3,624 shares during the period. Midas Management Corp grew its position in Magna International by 16.0% during the third quarter. Midas Management Corp now owns 61,500 shares of the company’s stock valued at $3,231,000 after acquiring an additional 8,500 shares during the period. Meadow Creek Investment Management LLC purchased a new stake in Magna International during the second quarter valued at about $116,000. Finally, Canada Pension Plan Investment Board grew its position in Magna International by 113.4% during the second quarter. Canada Pension Plan Investment Board now owns 133,818 shares of the company’s stock valued at $7,778,000 after acquiring an additional 71,100 shares during the period. 59.53% of the stock is owned by institutional investors and hedge funds.
Shares of MGA opened at $47.81 on Friday. The stock has a market cap of $17.86 billion, a price-to-earnings ratio of 8.02, a P/E/G ratio of 0.90 and a beta of 1.36. Magna International Inc. has a 12 month low of $46.77 and a 12 month high of $67.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.82 and a current ratio of 1.17.
Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Wednesday, August 8th. The company reported $1.67 EPS for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.07). The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.45 billion. Magna International had a return on equity of 19.72% and a net margin of 5.72%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.48 EPS. As a group, equities research analysts predict that Magna International Inc. will post 6.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Friday, August 31st were paid a $0.33 dividend. This is a boost from Magna International’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, August 30th. This represents a $1.32 annualized dividend and a dividend yield of 2.76%. Magna International’s payout ratio is 22.15%.
A number of equities research analysts have issued reports on MGA shares. Citigroup lowered their price target on Magna International from $77.00 to $69.00 and set a “buy” rating for the company in a research report on Thursday, August 9th. Barclays began coverage on Magna International in a research report on Wednesday. They set an “equal weight” rating for the company. Zacks Investment Research upgraded Magna International from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. ValuEngine cut Magna International from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, TD Securities reduced their price objective on Magna International from $69.00 to $63.00 and set a “hold” rating on the stock in a research note on Thursday, August 9th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $65.88.
Magna International Profile
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.
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