Millennium Management LLC Acquires 93,637 Shares of Magna International Inc. (NYSE:MGA)

Millennium Management LLC grew its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 135.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 162,739 shares of the company’s stock after purchasing an additional 93,637 shares during the quarter. Millennium Management LLC owned approximately 0.06% of Magna International worth $6,818,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MGA. Thurston Springer Miller Herd & Titak Inc. bought a new position in Magna International during the 2nd quarter worth approximately $28,000. Sunbelt Securities Inc. boosted its stake in Magna International by 2,179.2% during the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after acquiring an additional 523 shares during the last quarter. LRI Investments LLC bought a new position in Magna International during the 1st quarter worth approximately $36,000. Dixon Mitchell Investment Counsel Inc. bought a new position in Magna International during the 1st quarter worth approximately $49,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Magna International by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after acquiring an additional 319 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

Magna International Trading Up 0.1 %

Shares of Magna International stock opened at $41.29 on Friday. The firm has a 50-day moving average of $40.79 and a 200-day moving average of $44.37. The stock has a market cap of $11.86 billion, a PE ratio of 11.73, a PEG ratio of 0.65 and a beta of 1.59. Magna International Inc. has a 52-week low of $38.01 and a 52-week high of $60.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12.

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 analysts’ consensus estimates of $1.46 by ($0.11). The company had revenue of $10.96 billion during the quarter, compared to analyst estimates of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm earned $1.50 EPS. As a group, sell-side analysts forecast that Magna International Inc. will post 5.5 EPS for the current year.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend was Friday, August 16th. Magna International’s payout ratio is 53.98%.

Analyst Ratings Changes

Several brokerages have commented on MGA. Wells Fargo & Company raised their target price on shares of Magna International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, September 20th. Barclays dropped their target price on shares of Magna International from $55.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. The Goldman Sachs Group dropped their target price on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their target price on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Finally, Wolfe Research restated an “underperform” rating on shares of Magna International in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $49.94.

Magna International Company Profile

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.