Magna International Inc. (NYSE:MGA) Shares Acquired by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC increased its holdings in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 290.7% in the fourth quarter, Holdings Channel reports. The firm owned 3,501 shares of the company’s stock after buying an additional 2,605 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Magna International were worth $141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of MGA. Public Employees Retirement System of Ohio acquired a new stake in shares of Magna International during the third quarter worth about $1,040,000. Geode Capital Management LLC lifted its position in Magna International by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock worth $46,799,000 after acquiring an additional 32,000 shares during the period. Toronto Dominion Bank lifted its position in Magna International by 1.2% during the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock worth $66,810,000 after acquiring an additional 18,704 shares during the period. DGS Capital Management LLC grew its stake in shares of Magna International by 25.5% in the 3rd quarter. DGS Capital Management LLC now owns 9,976 shares of the company’s stock valued at $409,000 after purchasing an additional 2,027 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Magna International by 37.2% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock valued at $46,000 after purchasing an additional 301 shares during the period. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Price Performance

Magna International stock opened at $31.56 on Tuesday. The firm has a market capitalization of $8.89 billion, a PE ratio of 8.99, a P/E/G ratio of 0.63 and a beta of 1.56. Magna International Inc. has a 52 week low of $30.71 and a 52 week high of $53.26. The firm’s 50-day simple moving average is $37.15 and its 200 day simple moving average is $40.57. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company had revenue of $10.63 billion for the quarter, compared to the consensus estimate of $10.32 billion. During the same quarter in the prior year, the firm earned $1.33 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, equities research analysts predict that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.485 dividend. This is an increase from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 6.15%. The ex-dividend date was Friday, February 28th. Magna International’s dividend payout ratio is currently 55.27%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MGA shares. The Goldman Sachs Group lowered shares of Magna International from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $42.00 to $41.00 in a research report on Wednesday, December 11th. TD Securities lowered their target price on shares of Magna International from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Raymond James cut their price target on shares of Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a report on Tuesday, February 18th. UBS Group lowered their price objective on Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a report on Tuesday, February 18th. Finally, Evercore ISI cut their target price on Magna International from $50.00 to $45.00 and set an “in-line” rating for the company in a research note on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $47.03.

Magna International 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.