Geode Capital Management LLC Grows Stake in Magna International Inc. (NYSE:MGA)

Geode Capital Management LLC grew its holdings in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,151,759 shares of the company’s stock after purchasing an additional 32,000 shares during the period. Geode Capital Management LLC owned approximately 0.40% of Magna International worth $46,799,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MGA. Kennebec Savings Bank purchased a new position in shares of Magna International in the third quarter worth about $32,000. Grove Bank & Trust raised its position in Magna International by 70.4% during the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after buying an additional 343 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Magna International by 84.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after acquiring an additional 513 shares during the last quarter. Tobam increased its stake in shares of Magna International by 94.3% in the third quarter. Tobam now owns 4,373 shares of the company’s stock worth $179,000 after acquiring an additional 2,122 shares during the period. Finally, Arkadios Wealth Advisors purchased a new position in shares of Magna International during the third quarter worth $216,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Stock Performance

Shares of MGA opened at $42.05 on Tuesday. The stock has a 50 day moving average price of $43.44 and a 200 day moving average price of $42.40. 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 1.14 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. During the same period last year, the firm earned $1.46 earnings per share. Magna International’s revenue was down 3.8% on a year-over-year basis. Research analysts predict that Magna International Inc. will post 5.22 EPS for the current fiscal year.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.475 per share. The ex-dividend date was Friday, November 15th. 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 50.80%.

Wall Street Analyst Weigh In

Several research firms have commented on MGA. UBS Group upped their price target on shares of Magna International from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, November 4th. TD Securities decreased their target price on Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Wells Fargo & Company dropped their price target on Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, December 16th. The Goldman Sachs Group lowered shares of Magna International from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $42.00 to $41.00 in a research note on Wednesday, December 11th. Finally, Morgan Stanley lowered Magna International from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $55.00 to $43.00 in a research report on Wednesday, September 25th. 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $49.65.

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.