Resources Management Corp CT ADV Boosts Holdings in Magna International Inc. (NYSE:MGA)

Resources Management Corp CT ADV raised its stake in shares of Magna International Inc. (NYSE:MGAGet Rating) (TSE:MG) by 31.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,156 shares of the company’s stock after purchasing an additional 1,488 shares during the period. Resources Management Corp CT ADV’s holdings in Magna International were worth $396,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Turtle Creek Asset Management Inc. lifted its holdings in Magna International by 38.7% during the first quarter. Turtle Creek Asset Management Inc. now owns 2,189,650 shares of the company’s stock valued at $140,816,000 after purchasing an additional 611,350 shares in the last quarter. AGF Investments Inc. lifted its holdings in Magna International by 7.1% during the first quarter. AGF Investments Inc. now owns 1,142,455 shares of the company’s stock valued at $73,346,000 after purchasing an additional 75,773 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Magna International by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 776,605 shares of the company’s stock valued at $62,515,000 after purchasing an additional 45,508 shares in the last quarter. Schroder Investment Management Group lifted its holdings in Magna International by 14.2% during the fourth quarter. Schroder Investment Management Group now owns 728,556 shares of the company’s stock valued at $74,568,000 after purchasing an additional 90,461 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Magna International by 4.2% during the first quarter. Russell Investments Group Ltd. now owns 485,873 shares of the company’s stock valued at $31,232,000 after purchasing an additional 19,378 shares in the last quarter. 58.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on MGA. Morgan Stanley decreased their price objective on shares of Magna International from $84.00 to $79.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. Wells Fargo & Company raised their price target on shares of Magna International from $72.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, July 11th. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Bank of America decreased their price target on shares of Magna International from $115.00 to $106.00 and set a “buy” rating on the stock in a research note on Friday, September 9th. Finally, The Goldman Sachs Group decreased their price target on shares of Magna International from $85.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, June 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.00.

Magna International Price Performance

Magna International stock opened at $56.49 on Thursday. Magna International Inc. has a 12-month low of $52.47 and a 12-month high of $90.15. The stock has a market cap of $16.32 billion, a P/E ratio of 25.00, a PEG ratio of 0.74 and a beta of 1.47. The company has a 50-day moving average price of $59.88 and a 200 day moving average price of $60.72. The company has a current ratio of 1.30, a quick ratio of 0.89 and a debt-to-equity ratio of 0.30.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.19%. The ex-dividend date was Thursday, August 11th. Magna International’s payout ratio is currently 79.65%.

Magna International Profile

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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.

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

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