Magna International Inc. (NYSE:MGA) Shares Purchased by Boston Research & Management Inc.

Boston Research & Management Inc. raised its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 18.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 66,360 shares of the company’s stock after purchasing an additional 10,345 shares during the quarter. Boston Research & Management Inc.’s holdings in Magna International were worth $2,780,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Magna International in the 2nd quarter valued at about $28,000. Sunbelt Securities Inc. increased its holdings in shares of Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares during the period. LRI Investments LLC purchased a new stake in shares of Magna International during the first quarter worth approximately $36,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Magna International during the first quarter worth $49,000. Finally, EverSource Wealth Advisors LLC grew its position in Magna International by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after buying an additional 319 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Price Performance

Shares of NYSE:MGA opened at $42.01 on Friday. The company has a market cap of $12.07 billion, a P/E ratio of 11.93, a P/E/G ratio of 0.60 and a beta of 1.59. The business has a fifty day simple moving average of $41.56 and a 200-day simple moving average of $45.59. Magna International Inc. has a 52 week low of $38.01 and a 52 week high of $60.32. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.11). The business had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.50 EPS. Equities research analysts forecast that Magna International Inc. will post 5.58 EPS for the current year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $0.475 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.52%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Wall Street Analysts Forecast Growth

MGA has been the subject of several recent analyst reports. Wolfe Research restated an “underperform” rating on shares of Magna International in a research note on Thursday, September 5th. Citigroup lowered their target price 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. JPMorgan Chase & Co. reduced their price target on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Wells Fargo & Company boosted their price target on Magna International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, BMO Capital Markets dropped their price objective on Magna International from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $51.12.

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.