Avondale Wealth Management Reduces Stock Position in Magna International Inc. (NYSE:MGA)

Avondale Wealth Management cut its holdings in Magna International Inc. (NYSE:MGAGet Rating) (TSE:MG) by 54.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 2,400 shares of the company’s stock after selling 2,900 shares during the period. Avondale Wealth Management’s holdings in Magna International were worth $154,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its holdings in shares of Magna International by 8.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 79,189 shares of the company’s stock worth $6,410,000 after buying an additional 6,052 shares in the last quarter. Ellis Investment Partners LLC lifted its stake in Magna International by 7.6% in the 4th quarter. Ellis Investment Partners LLC now owns 2,899 shares of the company’s stock worth $234,000 after purchasing an additional 205 shares in the last quarter. UMB Bank N A MO bought a new position in Magna International in the 4th quarter valued at $88,000. Crossmark Global Holdings Inc. grew its position in shares of Magna International by 532.5% during the 4th quarter. Crossmark Global Holdings Inc. now owns 136,082 shares of the company’s stock valued at $11,014,000 after purchasing an additional 114,567 shares in the last quarter. Finally, Alan B. Lancz & Associates Inc. bought a new position in shares of Magna International in the fourth quarter worth $2,995,000. Institutional investors and hedge funds own 62.57% of the company’s stock.

NYSE:MGA traded up $0.62 during trading hours on Wednesday, reaching $57.64. The company’s stock had a trading volume of 47,472 shares, compared to its average volume of 1,045,371. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.89 and a current ratio of 1.30. The firm has a market capitalization of $16.85 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 0.61 and a beta of 1.42. The firm has a 50-day simple moving average of $61.24 and a 200-day simple moving average of $69.64. Magna International Inc. has a 1 year low of $53.96 and a 1 year high of $97.36.

Magna International (NYSE:MGAGet Rating) (TSE:MG) last announced its quarterly earnings data on Friday, April 29th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.23. Magna International had a return on equity of 11.21% and a net margin of 3.54%. The firm had revenue of $9.64 billion for the quarter, compared to analysts’ expectations of $9.03 billion. During the same period last year, the firm earned $1.86 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities analysts anticipate that Magna International Inc. will post 4.87 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 27th. Investors of record on Friday, May 13th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, May 12th. This represents a $1.80 annualized dividend and a yield of 3.12%. Magna International’s payout ratio is 42.86%.

Several equities analysts recently commented on MGA shares. The Goldman Sachs Group reduced their target price on Magna International from $85.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, June 1st. Barclays cut their price objective on Magna International from $68.00 to $64.00 in a report on Tuesday, May 3rd. TD Securities lowered their target price on shares of Magna International from $90.00 to $86.00 and set a “buy” rating on the stock in a research note on Monday, May 2nd. TheStreet cut shares of Magna International from a “b” rating to a “c+” rating in a research note on Friday, April 1st. Finally, Morgan Stanley lowered their price objective on shares of Magna International from $90.00 to $84.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $76.55.

Magna International Company Profile (Get Rating)

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.

Further Reading

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

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