AGF Management Ltd. Makes New Investment in Magna International Inc. $MGA

AGF Management Ltd. bought a new stake in Magna International Inc. (NYSE:MGA) (TSE:MG) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 299,523 shares of the company’s stock, valued at approximately $14,191,000. AGF Management Ltd. owned about 0.11% of Magna International at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC increased its stake in shares of Magna International by 19.8% in the first quarter. Integrated Wealth Concepts LLC now owns 6,808 shares of the company’s stock valued at $231,000 after buying an additional 1,123 shares during the period. Farther Finance Advisors LLC grew its holdings in Magna International by 385.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock worth $55,000 after acquiring an additional 1,136 shares during the last quarter. LRI Investments LLC acquired a new position in Magna International in the 2nd quarter valued at approximately $27,000. ARGA Investment Management LP increased its position in Magna International by 3.9% in the 2nd quarter. ARGA Investment Management LP now owns 3,114,386 shares of the company’s stock valued at $120,366,000 after acquiring an additional 116,529 shares during the period. Finally, QV Investors Inc. raised its stake in shares of Magna International by 0.6% during the second quarter. QV Investors Inc. now owns 651,377 shares of the company’s stock valued at $25,129,000 after acquiring an additional 3,912 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MGA shares. Morgan Stanley boosted their price objective on shares of Magna International from $38.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, December 8th. Wall Street Zen raised Magna International from a “buy” rating to a “strong-buy” rating in a report on Monday, January 19th. BMO Capital Markets increased their price target on Magna International from $49.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Magna International in a research report on Wednesday, October 8th. Finally, Barclays lifted their price objective on Magna International from $52.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday, January 23rd. Three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $52.80.

Magna International Stock Up 0.4%

Shares of NYSE:MGA opened at $51.36 on Tuesday. Magna International Inc. has a 1 year low of $30.39 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83. The business’s 50-day moving average is $52.93 and its 200-day moving average is $48.22. The company has a market capitalization of $14.39 billion, a price-to-earnings ratio of 14.03 and a beta of 1.50.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, October 31st. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.09. The business had revenue of $10.50 billion during the quarter, compared to the consensus estimate of $10.03 billion. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.28 earnings per share. Equities research analysts predict that Magna International Inc. will post 5.87 earnings per share for the current year.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.