Magna International Inc. (NYSE:MGA) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 17.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,739 shares of the company’s stock after selling 803 shares during the period. Rhumbline Advisers’ holdings in Magna International were worth $157,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its holdings in Magna International by 50.8% in the 4th quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock worth $154,000 after buying an additional 879 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in Magna International by 576.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,079 shares of the company’s stock worth $182,000 after purchasing an additional 2,624 shares during the period. Crossmark Global Holdings Inc. grew its position in Magna International by 11.8% in the 4th quarter. Crossmark Global Holdings Inc. now owns 18,437 shares of the company’s stock valued at $1,089,000 after buying an additional 1,949 shares in the last quarter. Azimuth Capital Investment Management LLC increased its stake in Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after buying an additional 53,695 shares during the period. Finally, Syon Capital LLC bought a new stake in shares of Magna International during the 4th quarter worth about $250,000. 67.49% of the stock is owned by institutional investors and hedge funds.

Magna International Trading Up 1.3 %

Shares of MGA opened at $42.73 on Monday. 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 Inc. has a 52-week low of $38.01 and a 52-week high of $60.32. The firm has a market cap of $12.28 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.65 and a beta of 1.59. The business’s fifty day moving average is $41.27 and its 200-day moving average is $45.05.

Magna International (NYSE:MGA) (TSE:MG) last posted its 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 the consensus estimate of $11.01 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm’s revenue was down .2% compared to the same quarter last year. During the same period last year, the company posted $1.50 EPS. Equities analysts anticipate that Magna International Inc. will post 5.5 EPS for the current fiscal year.

Magna International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 4.45%. The ex-dividend date of this dividend was Friday, August 16th. Magna International’s dividend payout ratio (DPR) is 53.98%.

Analyst Ratings Changes

MGA has been the topic of several research analyst reports. CIBC lowered their price target on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 6th. Royal Bank of Canada dropped their price target on shares of Magna International from $57.00 to $47.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 13th. TD Securities reduced their price objective on shares of Magna International from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. BMO Capital Markets dropped their target price on shares of Magna International from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Citigroup cut their target price on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $50.41.

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.