Russell Investments Group Ltd. Boosts Stake in Magna International Inc. (NYSE:MGA)

Russell Investments Group Ltd. lifted its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 52.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,395,373 shares of the company’s stock after purchasing an additional 822,375 shares during the period. Russell Investments Group Ltd.’s holdings in Magna International were worth $100,087,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of MGA. Geode Capital Management LLC increased its position in shares of Magna International by 32.2% in the fourth quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock valued at $63,280,000 after buying an additional 371,437 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Magna International by 290.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,501 shares of the company’s stock worth $141,000 after acquiring an additional 2,605 shares in the last quarter. Mufg Securities Canada LTD. raised its position in Magna International by 72.1% during the fourth quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock worth $17,228,000 after acquiring an additional 172,754 shares during the period. Sciencast Management LP purchased a new position in Magna International during the fourth quarter valued at $653,000. Finally, Millstone Evans Group LLC purchased a new position in Magna International during the fourth quarter valued at $33,000. Institutional investors and hedge funds own 67.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGA shares. Evercore ISI reduced their price target on shares of Magna International from $50.00 to $45.00 and set an “in-line” rating for the company in a research report on Tuesday, February 18th. The Goldman Sachs Group downgraded Magna International from a “neutral” rating to a “sell” rating and decreased their target price for the company from $42.00 to $41.00 in a research report on Wednesday, December 11th. Barclays dropped their price target on Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. Bank of America lowered Magna International from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $52.00 to $48.00 in a report on Tuesday, March 4th. Finally, Morgan Stanley dropped their target price on shares of Magna International from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Magna International has a consensus rating of “Hold” and a consensus target price of $47.03.

Magna International Price Performance

MGA stock opened at $32.55 on Friday. Magna International Inc. has a 52-week low of $31.26 and a 52-week high of $53.26. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of 9.27, a price-to-earnings-growth ratio of 0.63 and a beta of 1.56. The business has a fifty day moving average of $37.34 and a two-hundred day moving average of $40.65.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. Magna International had a return on equity of 12.78% and a net margin of 2.36%. The firm had revenue of $10.63 billion during the quarter, compared to the consensus estimate of $10.32 billion. During the same period last year, the company earned $1.33 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, research analysts anticipate that Magna International Inc. will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.485 dividend. This is a positive change from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 5.96%. The ex-dividend date of this dividend was Friday, February 28th. Magna International’s dividend payout ratio is currently 55.27%.

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.