Victory Capital Management Inc. lowered its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 30.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,594 shares of the company’s stock after selling 96,626 shares during the period. Victory Capital Management Inc. owned approximately 0.06% of Magna International worth $12,486,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of Hawaii lifted its holdings in shares of Magna International by 7.4% in the fourth quarter. Bank of Hawaii now owns 17,033 shares of the company’s stock valued at $965,000 after purchasing an additional 1,175 shares in the last quarter. FDx Advisors Inc. lifted its holdings in shares of Magna International by 10.6% in the fourth quarter. FDx Advisors Inc. now owns 12,718 shares of the company’s stock valued at $721,000 after purchasing an additional 1,218 shares in the last quarter. Kendall Capital Management purchased a new stake in shares of Magna International in the fourth quarter valued at $1,037,000. Barometer Capital Management Inc. lifted its holdings in shares of Magna International by 531.5% in the fourth quarter. Barometer Capital Management Inc. now owns 56,834 shares of the company’s stock valued at $3,221,000 after purchasing an additional 47,834 shares in the last quarter. Finally, Aperio Group LLC lifted its holdings in shares of Magna International by 2.9% in the fourth quarter. Aperio Group LLC now owns 365,310 shares of the company’s stock valued at $20,702,000 after purchasing an additional 10,461 shares in the last quarter. Institutional investors own 60.47% of the company’s stock.
MGA has been the subject of a number of research analyst reports. Deutsche Bank increased their target price on Magna International from $61.00 to $68.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Royal Bank of Canada increased their price objective on Magna International from $70.00 to $71.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Citigroup increased their price objective on Magna International from $61.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, March 9th. Susquehanna Bancshares set a $57.00 price objective on Magna International and gave the stock a “hold” rating in a report on Wednesday, March 14th. Finally, Bank of America set a $67.00 price objective on Magna International and gave the stock a “buy” rating in a report on Friday, March 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $67.13.
Magna International stock traded up $0.07 during mid-day trading on Wednesday, hitting $65.08. 794,069 shares of the company’s stock were exchanged, compared to its average volume of 1,256,321. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.24 and a quick ratio of 0.89. The company has a market capitalization of $23.30 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 1.10 and a beta of 1.34. Magna International Inc. has a 1-year low of $43.18 and a 1-year high of $67.47.
Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Thursday, May 10th. The company reported $1.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.66 by $0.18. The firm had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $10.02 billion. Magna International had a net margin of 5.65% and a return on equity of 19.64%. The business’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.53 earnings per share. sell-side analysts anticipate that Magna International Inc. will post 7.06 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 8th. Shareholders of record on Friday, May 25th were given a dividend of $0.257 per share. This represents a $1.03 annualized dividend and a yield of 1.58%. The ex-dividend date was Thursday, May 24th. Magna International’s payout ratio is 22.15%.
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.
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.