Meritage Portfolio Management Takes Position in Magna International Inc. $MGA

Meritage Portfolio Management purchased a new stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 74,940 shares of the company’s stock, valued at approximately $3,551,000.

Several other institutional investors have also recently made changes to their positions in the stock. ARGA Investment Management LP grew its stake in shares of Magna International by 3.9% in the second quarter. ARGA Investment Management LP now owns 3,114,386 shares of the company’s stock valued at $120,366,000 after acquiring an additional 116,529 shares in the last quarter. Western Wealth Management LLC acquired a new position in shares of Magna International during the 2nd quarter worth approximately $249,000. Mediolanum International Funds Ltd bought a new position in shares of Magna International during the second quarter worth approximately $4,618,000. Leuthold Group LLC acquired a new stake in shares of Magna International in the second quarter valued at approximately $388,000. Finally, Geode Capital Management LLC boosted its stake in shares of Magna International by 20.2% in the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company’s stock valued at $77,332,000 after buying an additional 338,470 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Stock Performance

Shares of Magna International stock opened at $56.50 on Thursday. The firm has a market capitalization of $15.83 billion, a P/E ratio of 15.44 and a beta of 1.50. Magna International Inc. has a fifty-two week low of $30.39 and a fifty-two week high of $57.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83. The company’s 50 day moving average price is $51.69 and its two-hundred day moving average price is $47.09.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.24 by $0.09. The firm had revenue of $10.50 billion during the quarter, compared to the consensus estimate of $10.03 billion. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the company earned $1.28 earnings per share. On average, equities analysts forecast that Magna International Inc. will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were given a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.4%. The ex-dividend date was Friday, November 14th. Magna International’s dividend payout ratio is 53.01%.

Analyst Ratings Changes

MGA has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on Magna International from $50.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Monday. BMO Capital Markets raised their price target on Magna International from $49.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. CIBC boosted their price target on Magna International from $50.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, January 5th. Wall Street Zen downgraded shares of Magna International from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Finally, UBS Group raised their target price on shares of Magna International from $49.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Magna International presently has a consensus rating of “Hold” and an average price target of $52.07.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.