Bank of New York Mellon Corp Increases Position in Magna International Inc. (NYSE:MGA)

Bank of New York Mellon Corp increased its holdings in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 5.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 252,500 shares of the company’s stock after buying an additional 13,220 shares during the quarter. Bank of New York Mellon Corp owned 0.09% of Magna International worth $8,582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGA. LRI Investments LLC grew its position in shares of Magna International by 2,126.5% in the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock valued at $32,000 after purchasing an additional 723 shares in the last quarter. Versant Capital Management Inc purchased a new position in shares of Magna International during the first quarter worth about $27,000. Millstone Evans Group LLC purchased a new position in shares of Magna International during the fourth quarter worth about $33,000. CIBC Private Wealth Group LLC boosted its holdings in Magna International by 290.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,501 shares of the company’s stock valued at $141,000 after purchasing an additional 2,605 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Magna International by 9.0% in the 4th quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company’s stock valued at $2,010,000 after purchasing an additional 3,956 shares in the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Magna International Trading Up 0.4%

Shares of MGA opened at $41.59 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.74 and a current ratio of 1.06. The stock has a 50-day moving average price of $38.30 and a 200 day moving average price of $37.25. Magna International Inc. has a one year low of $30.39 and a one year high of $47.22. The company has a market capitalization of $11.72 billion, a P/E ratio of 10.40, a P/E/G ratio of 0.99 and a beta of 1.50.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, May 2nd. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). Magna International had a return on equity of 11.96% and a net margin of 2.73%. The business had revenue of $9.68 billion during the quarter, compared to the consensus estimate of $9.66 billion. During the same quarter in the previous year, the firm posted $1.08 earnings per share. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. Sell-side analysts forecast that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a dividend of $0.485 per share. The ex-dividend date was Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a yield of 4.67%. Magna International’s dividend payout ratio (DPR) is currently 48.50%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Royal Bank Of Canada lifted their target price on shares of Magna International from $31.00 to $38.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 9th. Bank of America lifted their target price on shares of Magna International from $42.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. BMO Capital Markets lowered their price objective on shares of Magna International from $47.00 to $41.00 and set an “outperform” rating for the company in a research note on Monday, May 5th. Scotiabank boosted their price objective on shares of Magna International from $38.00 to $44.00 and gave the company a “sector perform” rating in a research note on Monday, July 14th. Finally, Wells Fargo & Company boosted their price objective on shares of Magna International from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $42.71.

Magna International Company Profile

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.