Magna International (NYSE:MGA) Sees Large Volume Increase

Magna International Inc. (NYSE:MGAGet Rating) (TSE:MG) saw unusually-strong trading volume on Tuesday . Approximately 22,434 shares traded hands during mid-day trading, a decline of 97% from the previous session’s volume of 833,177 shares.The stock last traded at $54.72 and had previously closed at $56.27.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MGA shares. TD Securities cut their target price on shares of Magna International from $85.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company increased 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 upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Morgan Stanley dropped their price target on shares of Magna International from $84.00 to $79.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. Finally, Bank of America dropped 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. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $78.58.

Magna International Stock Down 2.1 %

The business’s 50 day moving average is $59.78 and its 200-day moving average is $60.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.89 and a current ratio of 1.30. The firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 0.73 and a beta of 1.47.

Magna International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $1.80 annualized dividend and a yield of 3.39%. Magna International’s dividend payout ratio is 79.65%.

Institutional Trading of Magna International

Several hedge funds and other institutional investors have recently bought and sold shares of MGA. Ensign Peak Advisors Inc grew its position in Magna International by 7.5% in the 4th quarter. Ensign Peak Advisors Inc now owns 14,391 shares of the company’s stock worth $1,166,000 after purchasing an additional 1,000 shares during the last quarter. Geode Capital Management LLC grew its position in Magna International by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 776,605 shares of the company’s stock worth $62,515,000 after purchasing an additional 45,508 shares during the last quarter. Credit Suisse AG lifted its holdings in shares of Magna International by 14.2% during the 4th quarter. Credit Suisse AG now owns 443,644 shares of the company’s stock worth $35,908,000 after acquiring an additional 55,167 shares during the period. CLARET ASSET MANAGEMENT Corp lifted its holdings in shares of Magna International by 3.2% during the 1st quarter. CLARET ASSET MANAGEMENT Corp now owns 6,825 shares of the company’s stock worth $439,000 after acquiring an additional 214 shares during the period. Finally, NorthCrest Asset Manangement LLC lifted its holdings in shares of Magna International by 15.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 31,198 shares of the company’s stock worth $2,006,000 after acquiring an additional 4,250 shares during the period. 58.45% of the stock is currently owned by institutional investors and hedge funds.

About Magna International

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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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