Magna International Inc. (NYSE:MGA) Short Interest Down 24.5% in May

Magna International Inc. (NYSE:MGA) (TSE:MG) was the recipient of a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 8,940,000 shares, a drop of 24.5% from the May 15th total of 11,840,000 shares. Based on an average daily trading volume, of 1,890,000 shares, the short-interest ratio is currently 4.7 days. Currently, 3.3% of the company’s stock are sold short.

Institutional Investors Weigh In On Magna International

Hedge funds and other institutional investors have recently modified their holdings of the company. Sunbelt Securities Inc. raised its stake in Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares in the last quarter. LRI Investments LLC acquired a new position in Magna International in the first quarter valued at about $36,000. Massmutual Trust Co. FSB ADV raised its stake in Magna International by 332.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after purchasing an additional 526 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new position in Magna International in the first quarter valued at about $49,000. Finally, S.A. Mason LLC raised its stake in Magna International by 24.4% in the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after purchasing an additional 229 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on MGA. Raymond James dropped their target price on shares of Magna International from $60.00 to $57.00 and set a “market perform” rating on the stock in a report on Monday, May 6th. Evercore decreased their price target on shares of Magna International from $62.00 to $60.00 and set an “in-line” rating for the company in a research note on Monday, May 6th. CIBC decreased their price target on shares of Magna International from $59.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. TD Securities decreased their price target on shares of Magna International from $63.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, May 6th. Finally, The Goldman Sachs Group decreased their price target on shares of Magna International from $56.00 to $48.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Twelve research 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 currently has a consensus rating of “Hold” and a consensus price target of $60.00.

Magna International Stock Performance

MGA stock traded down $0.55 during midday trading on Friday, reaching $42.19. 1,867,355 shares of the company were exchanged, compared to its average volume of 1,768,679. 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 business has a 50-day moving average price of $46.97 and a two-hundred day moving average price of $52.51. Magna International has a one year low of $41.21 and a one year high of $65.27. The firm has a market capitalization of $12.12 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 0.55 and a beta of 1.62.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a return on equity of 12.96% and a net margin of 2.35%. The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. During the same period last year, the firm earned $1.11 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. Equities research analysts forecast that Magna International will post 5.81 EPS for the current year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date was Thursday, May 16th. Magna International’s dividend payout ratio is currently 53.98%.

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.