Canada Pension Plan Investment Board boosted its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 10.6% during the 3rd quarter, Holdings Channel reports. The firm owned 148,018 shares of the company’s stock after acquiring an additional 14,200 shares during the period. Canada Pension Plan Investment Board’s holdings in Magna International were worth $7,770,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of MGA. Meadow Creek Investment Management LLC bought a new stake in shares of Magna International in the second quarter valued at $116,000. Flagship Harbor Advisors LLC bought a new stake in shares of Magna International in the second quarter valued at $122,000. Legacy Advisors LLC bought a new stake in shares of Magna International in the third quarter valued at $131,000. Glen Harbor Capital Management LLC bought a new stake in shares of Magna International in the second quarter valued at $140,000. Finally, First Hawaiian Bank bought a new stake in shares of Magna International in the third quarter valued at $190,000. 59.08% of the stock is currently owned by institutional investors and hedge funds.

NYSE:MGA opened at $45.50 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 1.19. Magna International Inc. has a 52-week low of $45.13 and a 52-week high of $67.47. The firm has a market cap of $15.88 billion, a P/E ratio of 7.63, a P/E/G ratio of 0.83 and a beta of 1.35.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Thursday, November 8th. The company reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.07. Magna International had a return on equity of 19.98% and a net margin of 5.83%. The company had revenue of $9.62 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the company posted $1.36 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Research analysts forecast that Magna International Inc. will post 6.72 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 7th. Investors of record on Friday, November 23rd were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, November 21st. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.90%. Magna International’s payout ratio is 22.15%.

Several analysts have issued reports on MGA shares. CIBC upgraded Magna International from a “neutral” rating to an “outperform” rating in a research note on Thursday, September 13th. Zacks Investment Research upgraded Magna International from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. Royal Bank of Canada boosted their target price on Magna International from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, November 9th. Barclays started coverage on Magna International in a research note on Wednesday, October 10th. They issued an “equal weight” rating on the stock. Finally, ValuEngine lowered Magna International from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $67.07.

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Magna International Profile

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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