Highstreet Asset Management Inc. raised its stake in shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) by 1,246.1% during the second quarter, Holdings Channel reports. The firm owned 234,960 shares of the company’s stock after buying an additional 217,505 shares during the period. Magna International comprises about 1.2% of Highstreet Asset Management Inc.’s investment portfolio, making the stock its 25th largest position. Highstreet Asset Management Inc.’s holdings in Magna International were worth $10,890,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new stake in shares of Magna International during the second quarter valued at about $20,547,000. IFP Advisors Inc raised its stake in shares of Magna International by 19.5% in the second quarter. IFP Advisors Inc now owns 4,011 shares of the company’s stock valued at $186,000 after buying an additional 654 shares during the period. IPG Investment Advisors LLC raised its stake in shares of Magna International by 5.2% in the second quarter. IPG Investment Advisors LLC now owns 343,055 shares of the company’s stock valued at $15,894,000 after buying an additional 16,935 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Magna International by 76.0% in the second quarter. Janney Montgomery Scott LLC now owns 26,356 shares of the company’s stock valued at $1,221,000 after buying an additional 11,377 shares during the period. Finally, Park Avenue Securities LLC acquired a new stake in shares of Magna International during the second quarter valued at about $247,000. 60.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Magna International, Inc. (NYSE MGA) opened at 47.15 on Thursday. Magna International, Inc. has a 52 week low of $36.77 and a 52 week high of $48.90. The stock has a 50 day moving average of $47.25 and a 200 day moving average of $44.40. The firm has a market cap of $17.44 billion, a P/E ratio of 8.52 and a beta of 1.44.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.01. The business had revenue of $9.68 billion for the quarter, compared to analyst estimates of $9.50 billion. Magna International had a return on equity of 20.01% and a net margin of 5.73%. Magna International’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $1.41 earnings per share. Analysts anticipate that Magna International, Inc. will post $5.83 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.33%. The ex-dividend date is Wednesday, August 30th. Magna International’s dividend payout ratio (DPR) is presently 19.86%.
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Several brokerages have issued reports on MGA. Zacks Investment Research raised shares of Magna International from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Wednesday. TD Securities boosted their price target on shares of Magna International from $55.00 to $56.00 and gave the company a “buy” rating in a report on Monday. Deutsche Bank AG reissued a “buy” rating and issued a $61.00 price target (up previously from $59.00) on shares of Magna International in a report on Monday. Royal Bank Of Canada boosted their price target on shares of Magna International from $60.00 to $61.00 and gave the company an “outperform” rating in a report on Monday. Finally, Edward Jones lowered shares of Magna International from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Magna International currently has a consensus rating of “Buy” and an average price target of $53.33.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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