Park Avenue Securities LLC Buys New Stake in Magna International, Inc. (MGA)

Park Avenue Securities LLC bought a new position in Magna International, Inc. (NYSE:MGA) (TSE:MG) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 5,339 shares of the company’s stock, valued at approximately $247,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. RKL Wealth Management LLC purchased a new position in Magna International during the first quarter worth about $455,000. Gulf International Bank UK Ltd raised its position in Magna International by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 121,604 shares of the company’s stock worth $5,240,000 after buying an additional 1,200 shares during the period. DnB Asset Management AS raised its position in Magna International by 1.8% in the second quarter. DnB Asset Management AS now owns 1,563,041 shares of the company’s stock worth $72,416,000 after buying an additional 27,384 shares during the period. Timber Hill LLC bought a new position in Magna International during the first quarter worth $852,000. Finally, US Bancorp DE raised its position in Magna International by 9.6% in the second quarter. US Bancorp DE now owns 922,553 shares of the company’s stock worth $42,742,000 after buying an additional 80,773 shares during the period. 60.44% of the stock is currently owned by hedge funds and other institutional investors.

Magna International, Inc. (NYSE MGA) opened at 46.10 on Friday. Magna International, Inc. has a 52 week low of $36.77 and a 52 week high of $48.90. The company has a market capitalization of $17.05 billion, a P/E ratio of 8.33 and a beta of 1.44. The company has a 50 day moving average price of $47.29 and a 200-day moving average price of $44.44.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, August 11th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.01. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The business had revenue of $9.68 billion during the quarter, compared to analyst estimates of $9.50 billion. During the same period in the prior year, the business posted $1.41 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts anticipate that Magna International, Inc. will post $5.87 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.10 annualized dividend and a yield of 2.39%. Magna International’s payout ratio is 19.86%.

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MGA has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Magna International from a “hold” rating to a “sell” rating in a research report on Friday, April 28th. BidaskClub lowered Magna International from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Edward Jones lowered Magna International from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. TD Securities upgraded Magna International from a “hold” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $55.00 in a research report on Friday, May 12th. Finally, ValuEngine lowered Magna International from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Magna International has an average rating of “Buy” and a consensus target price of $53.50.

Magna International Company Profile

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.

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

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