Magna International Inc. $MGA Stock: Letko Brosseau & Associates Inc. Reduces Stake

Letko Brosseau & Associates Inc. decreased its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 6.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,488,853 shares of the company’s stock after selling 239,608 shares during the quarter. Magna International accounts for about 2.9% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 8th largest position. Letko Brosseau & Associates Inc. owned approximately 1.34% of Magna International worth $222,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ARGA Investment Management LP grew its position in shares of Magna International by 11.0% during the 3rd quarter. ARGA Investment Management LP now owns 4,030,060 shares of the company’s stock worth $256,706,000 after buying an additional 397,793 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Magna International by 4.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,183,383 shares of the company’s stock valued at $139,269,000 after acquiring an additional 84,978 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Magna International by 10.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 2,130,562 shares of the company’s stock valued at $134,577,000 after acquiring an additional 206,433 shares during the period. Amundi raised its position in shares of Magna International by 4.2% in the 2nd quarter. Amundi now owns 1,781,357 shares of the company’s stock valued at $117,778,000 after acquiring an additional 71,927 shares during the period. Finally, QV Investors Inc. raised its position in shares of Magna International by 33.3% in the 3rd quarter. QV Investors Inc. now owns 739,472 shares of the company’s stock valued at $47,220,000 after acquiring an additional 184,631 shares during the period. Institutional investors own 67.49% of the company’s stock.

Magna International Stock Down 0.5%

Shares of Magna International stock opened at $62.38 on Friday. Magna International Inc. has a 1 year low of $45.33 and a 1 year high of $73.22. The business has a 50-day moving average of $64.40 and a two-hundred day moving average of $63.03. The company has a market capitalization of $16.12 billion, a P/E ratio of 8.65, a price-to-earnings-growth ratio of 0.67 and a beta of 1.46. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.14 and a quick ratio of 0.80.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, October 30th. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.25. Magna International had a return on equity of 16.26% and a net margin of 1.99%. The company had revenue of $9.86 billion for the quarter, compared to analyst estimates of $10.01 billion. During the same quarter last year, the firm posted $1.33 earnings per share. Magna International’s revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts predict that Magna International Inc. will post 7.07 EPS for the current year.

Magna International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be issued a $0.4950 dividend. This represents a $1.98 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, November 13th. Magna International’s dividend payout ratio is 63.46%.

Analyst Ratings Changes

Several research analysts recently weighed in on MGA shares. Citigroup reduced their price objective on shares of Magna International from $75.00 to $69.00 and set a “neutral” rating on the stock in a research note on Monday. JPMorgan Chase & Co. downgraded shares of Magna International from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $77.00 to $72.00 in a research note on Tuesday, September 15th. Scotiabank upped their target price on shares of Magna International from $74.00 to $78.00 and gave the company a “sector outperform” rating in a research note on Monday, August 3rd. Wells Fargo & Company increased their target price on shares of Magna International from $62.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. Finally, Morgan Stanley reduced their price target on shares of Magna International from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Magna International has a consensus rating of “Hold” and a consensus target price of $68.33.

Magna International Profile

Magna International is a Canadian mobility technology supplier that designs and manufactures components, systems and complete vehicles for automakers. Its products and services support a range of vehicle types, including those with electric and advanced driver-assistance technologies. The company’s operations include body and exterior systems, seating, powertrain and electronics, as well as vehicle engineering and contract manufacturing. Its portfolio also includes products such as mirrors, lighting systems and roof systems.