Magna International Inc. (NYSE:MGA) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lessened its holdings in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 31.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 167,049 shares of the company’s stock after selling 77,806 shares during the quarter. ARK Investment Management LLC owned approximately 0.06% of Magna International worth $6,856,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Magna International during the second quarter worth about $28,000. Grove Bank & Trust increased its stake in shares of Magna International by 70.4% during the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock valued at $34,000 after acquiring an additional 343 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Magna International during the 1st quarter worth about $36,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Magna International by 84.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after acquiring an additional 513 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after purchasing an additional 319 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MGA shares. BMO Capital Markets decreased their price target 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. CIBC reduced their target price on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. Wolfe Research restated an “underperform” rating on shares of Magna International in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut their price objective on Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group decreased their target price on Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $49.76.

Magna International Trading Up 2.5 %

Shares of MGA opened at $43.16 on Friday. The stock has a 50-day moving average price of $41.37 and a 200 day moving average price of $43.02. Magna International Inc. has a one year low of $38.01 and a one year high of $60.32. The company has a market capitalization of $12.40 billion, a P/E ratio of 11.54, a P/E/G ratio of 0.68 and a beta of 1.59. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. Magna International had a return on equity of 11.88% and a net margin of 2.52%. Magna International’s revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 earnings per share. Sell-side analysts forecast that Magna International Inc. will post 5.3 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.40%. The ex-dividend date is Friday, November 15th. Magna International’s payout ratio is currently 50.80%.

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.