Heathbridge Capital Management Ltd. cut its position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 2.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 625,600 shares of the company’s stock after selling 16,000 shares during the period. Magna International makes up 7.0% of Heathbridge Capital Management Ltd.’s investment portfolio, making the stock its 3rd largest position. Heathbridge Capital Management Ltd. owned approximately 0.16% of Magna International worth $26,861,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MGA. Sentry Investments Corp. raised its position in shares of Magna International by 20.8% in the second quarter. Sentry Investments Corp. now owns 3,823,400 shares of the company’s stock worth $173,391,000 after buying an additional 658,600 shares during the period. DnB Asset Management AS raised its position in shares of Magna International by 28.1% in the third quarter. DnB Asset Management AS now owns 1,363,465 shares of the company’s stock worth $58,547,000 after buying an additional 298,712 shares during the period. AGF Investments Inc. raised its position in shares of Magna International by 136.5% in the third quarter. AGF Investments Inc. now owns 401,826 shares of the company’s stock worth $17,240,000 after buying an additional 231,896 shares during the period. Prentiss Smith & Co. Inc. raised its position in shares of Magna International by 589.7% in the second quarter. Prentiss Smith & Co. Inc. now owns 174,921 shares of the company’s stock worth $6,134,000 after buying an additional 149,559 shares during the period. Finally, United Services Automobile Association raised its position in shares of Magna International by 29.8% in the second quarter. United Services Automobile Association now owns 380,630 shares of the company’s stock worth $13,349,000 after buying an additional 87,330 shares during the period. Institutional investors and hedge funds own 59.42% of the company’s stock.
Magna International Inc. (NYSE:MGA) opened at 42.68 on Thursday. Magna International Inc. has a 52 week low of $30.41 and a 52 week high of $47.21. The company has a 50-day moving average of $44.42 and a 200 day moving average of $41.05. The company has a market cap of $16.41 billion, a P/E ratio of 8.39 and a beta of 1.59.
Magna International (NYSE:MGA) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.20 by $0.09. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.57 billion. Magna International had a net margin of 5.67% and a return on equity of 20.72%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.13 earnings per share. On average, equities analysts forecast that Magna International Inc. will post $5.26 EPS for the current fiscal year.
MGA has been the topic of a number of research reports. RBC Capital Markets reiterated an “outperform” rating and issued a $73.00 price target on shares of Magna International in a research note on Monday, October 24th. TD Securities restated a “buy” rating and set a $47.00 target price on shares of Magna International in a research report on Saturday, October 29th. Macquarie restated an “outperform” rating on shares of Magna International in a research report on Friday, September 30th. Zacks Investment Research lowered shares of Magna International from a “hold” rating to a “sell” rating in a research report on Wednesday, January 4th. Finally, Goldman Sachs Group Inc. restated a “neutral” rating and set a $43.00 target price (down previously from $44.00) on shares of Magna International in a research report on Saturday, October 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $49.38.
Magna International Company Profile
Magna International Inc (Magna) is an automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. Its product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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