Magna International Inc. $MGA Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd trimmed its holdings in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 68.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,975 shares of the company’s stock after selling 81,775 shares during the period. Mediolanum International Funds Ltd’s holdings in Magna International were worth $1,783,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. LRI Investments LLC acquired a new stake in shares of Magna International in the second quarter worth $27,000. Farther Finance Advisors LLC boosted its holdings in Magna International by 385.1% in the second quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock valued at $55,000 after purchasing an additional 1,136 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in shares of Magna International during the 3rd quarter valued at about $210,000. RiverFront Investment Group LLC purchased a new position in shares of Magna International during the 2nd quarter valued at about $213,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Magna International in the 3rd quarter valued at about $218,000. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Stock Up 0.1%

Shares of NYSE MGA opened at $51.43 on Wednesday. The firm has a market cap of $14.41 billion, a price-to-earnings ratio of 14.05 and a beta of 1.50. The company’s 50-day simple moving average is $52.98 and its 200-day simple moving average is $48.29. The company has a quick ratio of 0.83, a current ratio of 1.18 and a debt-to-equity ratio of 0.38. Magna International Inc. has a 52-week low of $30.39 and a 52-week high of $57.55.

Analysts Set New Price Targets

Several brokerages recently weighed in on MGA. Royal Bank Of Canada lifted their price target on Magna International from $47.00 to $48.00 and gave the company a “sector perform” rating in a research report on Monday, November 3rd. Barclays lifted their target price on shares of Magna International from $52.00 to $58.00 and gave the company an “equal weight” rating in a report on Friday, January 23rd. TD Securities increased their price target on shares of Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. BMO Capital Markets lifted their price objective on shares of Magna International from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magna International in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $52.80.

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.