Aperio Group LLC Raises Position in Magna International (MGA)

Aperio Group LLC boosted its stake in Magna International (NYSE:MGA) (TSE:MG) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 370,063 shares of the company’s stock after purchasing an additional 4,753 shares during the period. Aperio Group LLC owned about 0.10% of Magna International worth $20,853,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Cornerstone Investment Partners LLC raised its stake in shares of Magna International by 87.6% during the fourth quarter. Cornerstone Investment Partners LLC now owns 3,223,162 shares of the company’s stock valued at $182,657,000 after acquiring an additional 1,505,458 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Magna International by 131.0% during the first quarter. CIBC Asset Management Inc now owns 2,515,712 shares of the company’s stock valued at $141,488,000 after acquiring an additional 1,426,589 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Magna International by 8.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,467,371 shares of the company’s stock valued at $82,686,000 after acquiring an additional 112,977 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Magna International by 11.2% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,185,683 shares of the company’s stock valued at $66,691,000 after acquiring an additional 119,361 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Magna International by 11.6% during the first quarter. Wells Fargo & Company MN now owns 482,953 shares of the company’s stock valued at $27,215,000 after acquiring an additional 50,290 shares during the last quarter. 60.12% of the stock is owned by institutional investors and hedge funds.

MGA opened at $66.24 on Friday. Magna International has a twelve month low of $65.30 and a twelve month high of $66.22. The company has a quick ratio of 0.89, a current ratio of 1.24 and a debt-to-equity ratio of 0.26. The firm has a market cap of $23.30 billion, a PE ratio of 11.11, a PEG ratio of 1.10 and a beta of 1.34.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Thursday, May 10th. The company reported $1.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.66 by $0.18. Magna International had a net margin of 5.65% and a return on equity of 19.64%. The company had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $10.02 billion. During the same period in the prior year, the company posted $1.53 earnings per share. Magna International’s revenue for the quarter was up 21.3% compared to the same quarter last year. research analysts anticipate that Magna International will post 6.99 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 8th. Shareholders of record on Friday, May 25th will be issued a $0.257 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Thursday, May 24th. Magna International’s payout ratio is 22.15%.

MGA has been the subject of several analyst reports. BMO Capital Markets reaffirmed a “hold” rating and set a $61.00 price target on shares of Magna International in a research note on Thursday, January 18th. TD Securities downgraded shares of Magna International from a “buy” rating to a “hold” rating and raised their price target for the company from $62.00 to $65.00 in a research note on Friday, January 19th. ValuEngine raised shares of Magna International from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 2nd. Deutsche Bank raised their price target on shares of Magna International from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Finally, Royal Bank of Canada raised their price target on shares of Magna International from $70.00 to $71.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $66.00.

About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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

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