MU Investments Co. Ltd. cut its stake in shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,900 shares of the company’s stock after selling 200 shares during the period. Magna International makes up approximately 3.3% of MU Investments Co. Ltd.’s holdings, making the stock its 20th largest position. MU Investments Co. Ltd.’s holdings in Magna International were worth $4,663,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in MGA. Schroder Investment Management Group raised its position in Magna International by 28.4% in the first quarter. Schroder Investment Management Group now owns 1,852,568 shares of the company’s stock valued at $107,838,000 after buying an additional 410,007 shares in the last quarter. DnB Asset Management AS raised its position in Magna International by 1.8% in the second quarter. DnB Asset Management AS now owns 1,563,041 shares of the company’s stock worth $72,416,000 after buying an additional 27,384 shares during the last quarter. Scout Investments Inc. raised its position in Magna International by 49.4% in the first quarter. Scout Investments Inc. now owns 1,169,386 shares of the company’s stock worth $50,237,000 after buying an additional 386,447 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Magna International by 3.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,146,311 shares of the company’s stock worth $49,453,000 after buying an additional 42,884 shares during the last quarter. Finally, Cardinal Capital Management Inc. raised its position in Magna International by 2,712.5% in the second quarter. Cardinal Capital Management Inc. now owns 987,200 shares of the company’s stock worth $45,676,000 after buying an additional 952,100 shares during the last quarter. 60.49% of the stock is owned by institutional investors.
Magna International, Inc. (NYSE MGA) opened at 48.47 on Wednesday. The stock’s 50 day moving average price is $46.69 and its 200-day moving average price is $44.16. Magna International, Inc. has a 52 week low of $36.77 and a 52 week high of $48.90. The company has a market capitalization of $18.43 billion, a PE ratio of 8.86 and a beta of 1.44.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Thursday, May 11th. The company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.19. The firm had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $9.13 billion. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.22 EPS. On average, equities research analysts predict that Magna International, Inc. will post $5.76 earnings per share for the current fiscal year.
MGA has been the subject of a number of analyst reports. ValuEngine lowered Magna International from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. TD Securities upgraded Magna International from a “hold” rating to a “buy” rating and increased their price objective for the stock from $50.00 to $55.00 in a research report on Friday, May 12th. BidaskClub upgraded Magna International from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Zacks Investment Research downgraded Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, May 18th. Finally, Edward Jones downgraded Magna International from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $51.25.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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