Magna International Inc. (NYSE:MGA) Holdings Cut by Nordea Investment Management AB

Nordea Investment Management AB lowered its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 1.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,592 shares of the company’s stock after selling 600 shares during the quarter. Nordea Investment Management AB’s holdings in Magna International were worth $3,422,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Cerebellum GP LLC purchased a new position in shares of Magna International during the first quarter worth about $329,000. Highstreet Asset Management Inc. grew its holdings in shares of Magna International by 533.7% during the first quarter. Highstreet Asset Management Inc. now owns 30,799 shares of the company’s stock worth $1,500,000 after purchasing an additional 25,939 shares during the last quarter. Zions Bancorporation N.A. purchased a new position in shares of Magna International during the first quarter worth about $42,000. O Shaughnessy Asset Management LLC grew its holdings in shares of Magna International by 40.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 572,636 shares of the company’s stock worth $27,755,000 after buying an additional 165,443 shares during the last quarter. Finally, Commonwealth Bank of Australia grew its holdings in shares of Magna International by 29.0% during the first quarter. Commonwealth Bank of Australia now owns 126,841 shares of the company’s stock worth $6,176,000 after buying an additional 28,500 shares during the last quarter. Hedge funds and other institutional investors own 57.57% of the company’s stock.

A number of research firms recently issued reports on MGA. Credit Suisse Group began coverage on Magna International in a report on Wednesday, June 26th. They set a “neutral” rating and a $55.00 price target on the stock. Veritas Investment Research upgraded shares of Magna International from a “sell” rating to a “buy” rating in a research report on Wednesday, June 19th. Wolfe Research downgraded Magna International from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, May 1st. Citigroup downgraded Barrick Gold to a “neutral” rating in a report on Thursday, May 23rd. Finally, Seaport Global Securities reiterated a “buy” rating on shares of Magna International in a report on Tuesday, April 16th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $57.56.

MGA stock traded down $0.24 during trading on Thursday, reaching $47.59. The stock had a trading volume of 620,900 shares, compared to its average volume of 1,136,743. Magna International Inc. has a 1-year low of $42.51 and a 1-year high of $61.12. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.22 and a quick ratio of 0.87. The firm has a market capitalization of $15.35 billion, a P/E ratio of 7.09, a P/E/G ratio of 1.26 and a beta of 1.62. The company has a fifty day moving average of $46.88.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Thursday, May 9th. The company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.10). Magna International had a return on equity of 19.01% and a net margin of 6.75%. The firm had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.60 billion. During the same quarter in the prior year, the firm earned $1.84 EPS. The business’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, research analysts expect that Magna International Inc. will post 6.41 EPS for the current fiscal year.

Magna International Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.

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Institutional Ownership by Quarter for Magna International (NYSE:MGA)

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