Sumitomo Mitsui Trust Holdings Inc. reduced its position in shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) by 9.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,061,119 shares of the company’s stock after selling 111,934 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.29% of Magna International worth $56,600,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Becker Capital Management Inc. raised its holdings in Magna International by 2.0% during the third quarter. Becker Capital Management Inc. now owns 804,100 shares of the company’s stock worth $42,923,000 after acquiring an additional 15,515 shares in the last quarter. Geneva Advisors LLC bought a new stake in Magna International during the second quarter worth about $613,000. Benson Investment Management Company Inc. raised its holdings in Magna International by 4.0% during the second quarter. Benson Investment Management Company Inc. now owns 54,440 shares of the company’s stock worth $2,522,000 after acquiring an additional 2,095 shares in the last quarter. Marathon Asset Management LLP bought a new stake in Magna International during the third quarter worth about $21,107,000. Finally, Hillsdale Investment Management Inc. raised its holdings in Magna International by 16.6% during the second quarter. Hillsdale Investment Management Inc. now owns 281,590 shares of the company’s stock worth $13,048,000 after acquiring an additional 40,100 shares in the last quarter. 59.66% of the stock is owned by institutional investors.
Several analysts recently issued reports on MGA shares. Zacks Investment Research upgraded Magna International from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Thursday, September 14th. KeyCorp reiterated a “buy” rating on shares of Magna International in a report on Sunday, September 17th. Citigroup upped their price objective on Magna International from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, August 17th. TD Securities upped their price objective on Magna International from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, August 14th. Finally, Deutsche Bank restated a “buy” rating and issued a $61.00 price objective (up previously from $59.00) on shares of Magna International in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Magna International currently has an average rating of “Buy” and a consensus price target of $56.00.
Shares of Magna International, Inc. (MGA) traded down $0.91 during midday trading on Monday, hitting $55.46. The stock had a trading volume of 747,676 shares, compared to its average volume of 1,358,213. The company has a market capitalization of $20,060.00, a price-to-earnings ratio of 10.05, a P/E/G ratio of 1.00 and a beta of 1.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.89 and a current ratio of 1.26. Magna International, Inc. has a one year low of $39.50 and a one year high of $56.82.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Thursday, November 9th. The company reported $1.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.05. The company had revenue of $9.50 billion for the quarter, compared to analyst estimates of $9.26 billion. Magna International had a return on equity of 19.46% and a net margin of 5.63%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 earnings per share. research analysts predict that Magna International, Inc. will post 5.96 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 24th will be paid a dividend of $0.275 per share. The ex-dividend date is Wednesday, November 22nd. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.98%. Magna International’s dividend payout ratio (DPR) is currently 19.61%.
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Magna International 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.
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