Canada Pension Plan Investment Board boosted its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 10.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 148,018 shares of the company’s stock after purchasing an additional 14,200 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Magna International were worth $7,770,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of MGA. Meadow Creek Investment Management LLC bought a new stake in Magna International in the second quarter worth approximately $116,000. Flagship Harbor Advisors LLC bought a new stake in Magna International in the second quarter worth approximately $122,000. Legacy Advisors LLC bought a new stake in Magna International in the third quarter worth approximately $131,000. Glen Harbor Capital Management LLC bought a new stake in Magna International in the second quarter worth approximately $140,000. Finally, First Hawaiian Bank bought a new stake in Magna International in the third quarter worth approximately $190,000. Institutional investors and hedge funds own 59.08% of the company’s stock.
A number of brokerages have weighed in on MGA. Wolfe Research began coverage on Magna International in a report on Tuesday, October 2nd. They issued an “outperform” rating for the company. Morgan Stanley lowered their target price on Magna International from $53.00 to $48.00 and set a “sell” rating for the company in a report on Monday, August 13th. Wells Fargo & Co lowered their target price on Magna International from $73.00 to $66.00 and set an “outperform” rating for the company in a report on Wednesday, October 17th. TD Securities lowered their target price on Magna International from $70.00 to $65.00 and set a “hold” rating for the company in a report on Monday, October 29th. Finally, Zacks Investment Research upgraded Magna International from a “sell” rating to a “hold” rating in a report on Wednesday, September 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $67.07.
NYSE MGA opened at $45.50 on Friday. The company has a market cap of $15.88 billion, a PE ratio of 7.63, a PEG ratio of 0.83 and a beta of 1.35. Magna International Inc. has a 52 week low of $45.13 and a 52 week high of $67.47. The company has a quick ratio of 0.86, a current ratio of 1.19 and a debt-to-equity ratio of 0.27.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Thursday, November 8th. The company reported $1.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.07. The firm had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.62 billion. Magna International had a return on equity of 19.98% and a net margin of 5.83%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.36 earnings per share. On average, equities analysts anticipate that Magna International Inc. will post 6.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 7th. Stockholders of record on Friday, November 23rd were issued a dividend of $0.33 per share. The ex-dividend date was Wednesday, November 21st. This represents a $1.32 annualized dividend and a dividend yield of 2.90%. Magna International’s dividend payout ratio is 22.15%.
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About Magna International
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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