Traders Purchase Large Volume of Put Options on Magna International (MGA)

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Magna International Inc. (NYSE:MGA) (TSE:MG) saw unusually large options trading on Thursday. Investors bought 3,466 put options on the company. This is an increase of approximately 1,668% compared to the average daily volume of 196 put options.

A number of research firms have issued reports on MGA. Zacks Investment Research upgraded Magna International from a “sell” rating to a “hold” rating in a report on Tuesday, September 25th. Citigroup decreased their price objective on Magna International from $69.00 to $62.00 and set a “buy” rating for the company in a report on Friday, October 12th. ValuEngine downgraded Magna International from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. TD Securities decreased their price objective 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, Wells Fargo & Co decreased their price objective on Magna International from $73.00 to $66.00 and set an “outperform” rating for the company in a report on Wednesday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $67.67.

Shares of NYSE:MGA opened at $51.92 on Friday. Magna International has a 1-year low of $45.73 and a 1-year high of $67.47. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.27. The firm has a market cap of $16.72 billion, a PE ratio of 8.71, a P/E/G ratio of 0.86 and a beta of 1.32.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Thursday, November 8th. The company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.06. Magna International had a return on equity of 19.72% and a net margin of 5.72%. The firm had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same period last year, the company earned $1.36 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts predict that Magna International will post 6.77 EPS for the current fiscal year.

Large investors have recently modified their holdings of the company. Meadow Creek Investment Management LLC bought a new position in shares of Magna International during the second quarter valued at $116,000. Flagship Harbor Advisors LLC bought a new position in shares of Magna International during the second quarter valued at $122,000. Glen Harbor Capital Management LLC bought a new position in shares of Magna International during the second quarter valued at $140,000. Legacy Advisors LLC bought a new position in shares of Magna International during the third quarter valued at $131,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of Magna International during the second quarter valued at $163,000. Hedge funds and other institutional investors own 60.18% of the company’s stock.

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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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