Crossmark Global Holdings Inc. Decreases Stock Position in Magna International Inc. (NYSE:MGA)

Crossmark Global Holdings Inc. lowered its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 30.4% during the second quarter, Holdings Channel.com reports. The firm owned 13,404 shares of the company’s stock after selling 5,849 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Magna International were worth $562,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MGA. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Magna International in the second quarter valued at $28,000. Sunbelt Securities Inc. increased its holdings in shares of Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of Magna International during the 1st quarter worth about $36,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Magna International during the first quarter worth approximately $49,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after purchasing an additional 319 shares in the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Trading Up 0.8 %

NYSE MGA opened at $42.03 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $12.08 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.64 and a beta of 1.59. Magna International Inc. has a 52-week low of $38.01 and a 52-week high of $60.32. The firm has a 50-day moving average price of $42.15 and a 200 day moving average price of $46.94.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $11.01 billion. During the same period last year, the company posted $1.50 earnings per share. The business’s quarterly revenue was down .2% on a year-over-year basis. Equities research analysts expect that Magna International Inc. will post 5.58 EPS for the current year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date was Friday, August 16th. Magna International’s dividend payout ratio is currently 53.98%.

Analysts Set New Price Targets

MGA has been the subject of several recent analyst reports. Royal Bank of Canada reduced their price objective on shares of Magna International from $57.00 to $47.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. Citigroup reduced their price target on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Barclays dropped their price objective on Magna International from $55.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Scotiabank reduced their target price on Magna International from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, August 6th. Finally, CIBC dropped their price target on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.06.

About Magna International

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.