AGF Management Ltd. Decreases Holdings in Magna International Inc. (NYSE:MGA)

AGF Management Ltd. cut its stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 10.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 163,112 shares of the company’s stock after selling 19,184 shares during the period. AGF Management Ltd. owned about 0.06% of Magna International worth $6,837,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Magna International during the 2nd quarter valued at $28,000. Sunbelt Securities Inc. raised 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 valued at $30,000 after buying an additional 523 shares during the last quarter. LRI Investments LLC purchased a new stake in Magna International during the 1st quarter valued at $36,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Magna International during the 1st quarter valued at $49,000. Finally, EverSource Wealth Advisors LLC raised 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 valued at $72,000 after buying an additional 319 shares during the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MGA. CIBC cut their price objective on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Evercore cut their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, July 15th. Wells Fargo & Company cut their price objective on shares of Magna International from $46.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Raymond James cut their price objective on shares of Magna International from $57.00 to $53.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. Finally, Evercore ISI cut their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $51.06.

Magna International Price Performance

Shares of Magna International stock opened at $39.42 on Friday. The stock has a 50 day moving average of $41.88 and a 200 day moving average of $46.19. Magna International Inc. has a 12 month low of $38.01 and a 12 month high of $60.32. The firm has a market cap of $11.33 billion, a PE ratio of 11.20, a PEG ratio of 0.60 and a beta of 1.59. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40.

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). Magna International had a net margin of 2.29% and a return on equity of 12.53%. The firm had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $11.01 billion. During the same period in the previous year, the company posted $1.50 earnings per share. Magna International’s quarterly revenue was down .2% on a year-over-year basis. On average, research analysts expect that Magna International Inc. will post 5.58 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date was Friday, August 16th. Magna International’s payout ratio is presently 53.98%.

Magna International 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.