Renaissance Group LLC grew its stake in shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 334,143 shares of the company’s stock after buying an additional 11,445 shares during the period. Renaissance Group LLC owned 0.09% of Magna International worth $17,837,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in MGA. Russell Investments Group Ltd. boosted its holdings in Magna International by 34.8% in the second quarter. Russell Investments Group Ltd. now owns 2,020,359 shares of the company’s stock valued at $93,453,000 after acquiring an additional 521,929 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Magna International by 2.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,173,053 shares of the company’s stock valued at $54,242,000 after acquiring an additional 26,742 shares during the last quarter. Becker Capital Management Inc. lifted its stake in shares of 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 purchasing an additional 15,515 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Magna International by 1.2% during the third quarter. Bank of New York Mellon Corp now owns 515,565 shares of the company’s stock worth $27,521,000 after purchasing an additional 5,999 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Magna International during the second quarter worth about $20,547,000. 59.66% of the stock is owned by institutional investors.
MGA has been the topic of a number of recent research reports. Zacks Investment Research cut Magna International from a “buy” rating to a “hold” rating in a research note on Wednesday, September 13th. ValuEngine raised Magna International from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 18th. Morgan Stanley lowered Magna International from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $56.00 to $47.00 in a report on Monday, August 28th. KeyCorp increased their price objective on Magna International from $55.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 13th. Finally, Goldman Sachs Group lowered Magna International from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $45.00 to $41.00 in a report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Magna International has an average rating of “Buy” and a consensus target price of $56.00.
Shares of Magna International, Inc. (NYSE MGA) traded up $0.63 during trading hours on Thursday, hitting $55.65. The stock had a trading volume of 793,344 shares, compared to its average volume of 1,349,489. The firm has a market cap of $20,160.00, a P/E ratio of 9.87, a PEG ratio of 0.98 and a beta of 1.50. Magna International, Inc. has a one year low of $39.50 and a one year high of $56.82. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.89.
Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Thursday, November 9th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.05. The company had revenue of $9.50 billion during 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 company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.29 earnings per share. research analysts expect that Magna International, Inc. will post 5.96 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 24th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.98%. Magna International’s payout ratio 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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