Plato Investment Management Ltd Acquires New Position in Magna International Inc. $MGA

Plato Investment Management Ltd acquired a new position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) in the 3rd quarter, HoldingsChannel reports. The firm acquired 39,967 shares of the company’s stock, valued at approximately $1,880,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. ARGA Investment Management LP grew its stake in shares of Magna International by 33.2% in the 3rd quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock valued at $196,557,000 after buying an additional 1,033,747 shares during the period. Geode Capital Management LLC lifted its holdings in Magna International by 20.2% in the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company’s stock valued at $77,332,000 after acquiring an additional 338,470 shares during the last quarter. AGF Management Ltd. purchased a new position in Magna International in the third quarter worth approximately $14,191,000. Mediolanum International Funds Ltd acquired a new stake in Magna International during the second quarter worth $4,618,000. Finally, Meritage Portfolio Management purchased a new stake in Magna International in the third quarter valued at $3,551,000. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada increased their price target on Magna International from $47.00 to $48.00 and gave the stock a “sector perform” rating in a report on Monday, November 3rd. Citigroup increased their target price on shares of Magna International from $49.00 to $55.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. UBS Group boosted their price target on shares of Magna International from $49.00 to $61.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Wells Fargo & Company increased their price objective on shares of Magna International from $50.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Monday, January 12th. Finally, Morgan Stanley boosted their target price on Magna International from $38.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, December 8th. Three investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $52.80.

Magna International Price Performance

Shares of MGA opened at $54.06 on Friday. The company has a market cap of $15.15 billion, a P/E ratio of 14.77 and a beta of 1.50. Magna International Inc. has a fifty-two week low of $30.39 and a fifty-two week high of $57.55. The company has a quick ratio of 0.83, a current ratio of 1.18 and a debt-to-equity ratio of 0.38. The firm’s 50 day moving average price is $53.24 and its 200 day moving average price is $48.49.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.