Magna International Inc. (NYSE:MGA) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its position in Magna International Inc. (NYSE:MGA) (TSE:MG) by 5.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 252,500 shares of the company’s stock after purchasing an additional 13,220 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.09% of Magna International worth $8,582,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. LRI Investments LLC raised its position in shares of Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares during the period. Versant Capital Management Inc purchased a new position in Magna International in the first quarter valued at about $27,000. Millstone Evans Group LLC purchased a new position in Magna International in the fourth quarter valued at about $33,000. CIBC Private Wealth Group LLC raised its position in Magna International by 290.7% in the fourth 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 during the period. Finally, Ameriprise Financial Inc. raised its position in Magna International by 9.0% in the fourth 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 during the period. 67.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MGA has been the topic of several recent analyst reports. Veritas raised shares of Magna International to a “hold” rating in a research note on Thursday, April 24th. Barclays boosted their price objective on shares of Magna International from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Wall Street Zen upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Wells Fargo & Company upped their target price on shares of Magna International from $37.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. Finally, UBS Group upped their target price on shares of Magna International from $37.00 to $45.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $42.71.

Magna International Trading Up 0.4%

Shares of MGA opened at $41.59 on Tuesday. Magna International Inc. has a 52-week low of $30.39 and a 52-week high of $47.22. The company has a quick ratio of 0.74, a current ratio of 1.06 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average is $38.30 and its two-hundred day moving average is $37.25. The stock has a market cap of $11.72 billion, a PE ratio of 10.40, a price-to-earnings-growth ratio of 0.99 and a beta of 1.50.

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

Magna International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date of this dividend was Friday, May 16th. Magna International’s dividend payout ratio is presently 48.50%.

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.