Geode Capital Management LLC Raises Position in Magna International Inc. (NYSE:MGA)

Geode Capital Management LLC boosted its position in Magna International Inc. (NYSE:MGA) (TSE:MG) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,151,759 shares of the company’s stock after purchasing an additional 32,000 shares during the period. Geode Capital Management LLC’s holdings in Magna International were worth $46,799,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Kennebec Savings Bank acquired a new stake in shares of Magna International in the 3rd quarter valued at approximately $32,000. Grove Bank & Trust grew its holdings in shares of Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after acquiring an additional 343 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in Magna International by 84.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after purchasing an additional 513 shares in the last quarter. Tobam raised its holdings in Magna International by 94.3% during the third quarter. Tobam now owns 4,373 shares of the company’s stock worth $179,000 after purchasing an additional 2,122 shares during the last quarter. Finally, Arkadios Wealth Advisors acquired a new stake in Magna International in the third quarter valued at $216,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Stock Performance

Shares of MGA stock opened at $42.05 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The company has a market cap of $12.08 billion, a PE ratio of 11.24, a P/E/G ratio of 0.81 and a beta of 1.61. The company’s fifty day simple moving average is $43.44 and its 200-day simple moving average is $42.40. Magna International Inc. has a 52 week low of $38.01 and a 52 week high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to analyst estimates of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. Magna International’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 EPS. As a group, equities research analysts anticipate that Magna International Inc. will post 5.22 EPS for the current year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.475 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a yield of 4.52%. Magna International’s dividend payout ratio is currently 50.80%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Scotiabank increased their price objective on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Monday, November 4th. The Goldman Sachs Group lowered shares of Magna International from a “neutral” rating to a “sell” rating and lowered their price target for the company from $42.00 to $41.00 in a research report on Wednesday, December 11th. Morgan Stanley downgraded Magna International from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $55.00 to $43.00 in a research report on Wednesday, September 25th. Wolfe Research upgraded Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. Finally, UBS Group lifted their price target on shares of Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Magna International has a consensus rating of “Hold” and a consensus price target of $49.65.

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.