Magna International Inc. (NYSE:MGA) Sees Large Decline in Short Interest

Magna International Inc. (NYSE:MGA) (TSE:MG) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 7,220,000 shares, a drop of 19.2% from the May 31st total of 8,940,000 shares. Approximately 2.7% of the company’s shares are sold short. Based on an average trading volume of 1,930,000 shares, the short-interest ratio is currently 3.7 days.

Analyst Upgrades and Downgrades

MGA has been the subject of several analyst reports. StockNews.com downgraded shares of Magna International from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Raymond James decreased their price objective on shares of Magna International from $60.00 to $57.00 and set a “market perform” rating for the company in a research report on Monday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Magna International from $69.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Barclays decreased their price objective on shares of Magna International from $62.00 to $60.00 and set an “equal weight” rating for the company in a research report on Monday, May 6th. Finally, CIBC decreased their price objective on shares of Magna International from $59.00 to $54.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Magna International has a consensus rating of “Hold” and a consensus price target of $59.81.

Magna International Stock Up 0.8 %

MGA opened at $41.89 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.09 and a quick ratio of 0.76. The company’s 50-day moving average is $45.40 and its 200 day moving average is $51.63. Magna International has a fifty-two week low of $40.83 and a fifty-two week high of $65.27. The firm has a market capitalization of $12.04 billion, a P/E ratio of 11.90, a PEG ratio of 0.53 and a beta of 1.62.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). The firm had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. Magna International had a net margin of 2.35% and a return on equity of 12.96%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.11 earnings per share. Research analysts expect that Magna International will post 5.83 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.54%. The ex-dividend date was Thursday, May 16th. Magna International’s dividend payout ratio is 53.98%.

Institutional Trading of Magna International

Hedge funds have recently added to or reduced their stakes in the stock. Lorne Steinberg Wealth Management Inc. raised its position in shares of Magna International by 3.9% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock valued at $4,217,000 after purchasing an additional 2,646 shares during the period. Natixis Advisors L.P. raised its position in shares of Magna International by 243.3% in the third quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock valued at $2,724,000 after purchasing an additional 36,005 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Magna International by 0.3% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after purchasing an additional 2,727 shares during the period. Prime Capital Investment Advisors LLC bought a new stake in shares of Magna International in the fourth quarter valued at approximately $237,000. Finally, Azimuth Capital Investment Management LLC raised 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 during the period. Institutional investors own 67.49% of the company’s stock.

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.