Forsta AP Fonden Boosts Holdings in Magna International Inc. (NYSE:MGA)

Forsta AP Fonden raised its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 8.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,100 shares of the company’s stock after acquiring an additional 5,300 shares during the quarter. Forsta AP Fonden’s holdings in Magna International were worth $2,938,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGA. Russell Investments Group Ltd. lifted its stake in Magna International by 35.5% in the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after purchasing an additional 289,105 shares during the last quarter. Azimuth Capital Investment Management LLC grew its position in shares of Magna International by 39.4% in the fourth quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after purchasing an additional 53,695 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Magna International during the first quarter valued at about $1,009,000. BNP Paribas Financial Markets lifted its holdings in shares of Magna International by 202.7% in the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock worth $1,433,000 after buying an additional 17,611 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Magna International by 5.8% in the first quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock valued at $8,573,000 after acquiring an additional 8,680 shares during the period. 67.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on MGA shares. CIBC lowered their target price on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. JPMorgan Chase & Co. dropped their price objective on Magna International from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Evercore ISI decreased their target price on Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. BNP Paribas upgraded Magna International from a “neutral” rating to an “outperform” rating in a research report on Monday, July 1st. Finally, Citigroup decreased their price objective on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Magna International has a consensus rating of “Hold” and a consensus price target of $51.06.

Magna International Stock Up 2.0 %

MGA opened at $40.20 on Monday. Magna International Inc. has a 12 month low of $38.01 and a 12 month high of $60.32. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The business’s 50-day moving average price is $41.78 and its 200-day moving average price is $45.99. The company has a market cap of $11.55 billion, a P/E ratio of 11.42, a P/E/G ratio of 0.60 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). The company had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. Magna International’s revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the firm earned $1.50 earnings per share. On average, equities analysts expect that Magna International Inc. will post 5.58 EPS for the current year.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.73%. Magna International’s dividend payout ratio is currently 53.98%.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.