Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of Magna International Inc. (NYSE:MGA) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,190,249 shares of the company’s stock after selling 11,729 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.30% of Magna International worth $41,589,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in MGA. Prentiss Smith & Co. Inc. boosted its position in Magna International by 589.7% in the second quarter. Prentiss Smith & Co. Inc. now owns 174,921 shares of the company’s stock valued at $6,134,000 after buying an additional 149,559 shares during the period. Lingohr & Partner Asset Management GmbH boosted its position in Magna International by 7.8% in the second quarter. Lingohr & Partner Asset Management GmbH now owns 79,090 shares of the company’s stock valued at $2,774,000 after buying an additional 5,700 shares during the period. James Investment Research Inc. boosted its position in Magna International by 5.9% in the second quarter. James Investment Research Inc. now owns 1,523,704 shares of the company’s stock valued at $53,436,000 after buying an additional 84,914 shares during the period. Ferguson Wellman Capital Management Inc. boosted its position in Magna International by 7.5% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 7,850 shares of the company’s stock valued at $275,000 after buying an additional 550 shares during the period. Finally, Capstone Asset Management Co. boosted its position in Magna International by 145.2% in the second quarter. Capstone Asset Management Co. now owns 152,411 shares of the company’s stock valued at $5,345,000 after buying an additional 90,244 shares during the period. Institutional investors own 58.98% of the company’s stock.

Institutional Ownership by Quarter for Magna International (NYSE:MGA)

Shares of Magna International Inc. (NYSE:MGA) traded down 3.49% during midday trading on Tuesday, hitting $40.12. 3,079,701 shares of the company traded hands. Magna International Inc. has a 12-month low of $30.41 and a 12-month high of $53.89. The stock’s 50-day moving average is $41.33 and its 200 day moving average is $40.05. The stock has a market capitalization of $15.61 billion, a P/E ratio of 7.67 and a beta of 1.60.

Magna International (NYSE:MGA) last announced its earnings results on Friday, August 5th. The company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.34 by $0.07. Magna International had a net margin of 6.12% and a return on equity of 21.14%. The company earned $9.44 billion during the quarter, compared to the consensus estimate of $9.24 billion. During the same period in the previous year, the firm posted $1.29 earnings per share. The company’s revenue was up 16.1% on a year-over-year basis. On average, analysts expect that Magna International Inc. will post $5.22 earnings per share for the current year.

Several research analysts have recently issued reports on the stock. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $43.00 price objective (down from $44.00) on shares of Magna International in a report on Saturday, October 8th. Macquarie reiterated an “outperform” rating on shares of Magna International in a report on Friday, September 30th. Zacks Investment Research upgraded shares of Magna International from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, August 30th. TD Securities reiterated a “buy” rating and issued a $47.00 price objective (up from $46.00) on shares of Magna International in a report on Wednesday, August 10th. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $55.00 price objective (up from $52.00) on shares of Magna International in a report on Wednesday, August 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $50.32.

About Magna International

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.

5 Day Chart for NYSE:MGA

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