Augustine Asset Management Inc. Has $3,744,000 Stake in Magna International Inc. (MGA)
Augustine Asset Management Inc. decreased its position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 0.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 87,185 shares of the company’s stock after selling 515 shares during the period. Magna International comprises 2.8% of Augustine Asset Management Inc.’s holdings, making the stock its 11th largest position. Augustine Asset Management Inc.’s holdings in Magna International were worth $3,744,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Panagora Asset Management Inc. boosted its position in Magna International by 4.0% in the first quarter. Panagora Asset Management Inc. now owns 195,252 shares of the company’s stock worth $8,388,000 after buying an additional 7,450 shares during the period. Park National Corp OH boosted its position in Magna International by 2.9% in the second quarter. Park National Corp OH now owns 7,827 shares of the company’s stock worth $275,000 after buying an additional 220 shares during the period. DNB Asset Management AS boosted its position in Magna International by 29.2% in the second quarter. DNB Asset Management AS now owns 1,064,753 shares of the company’s stock worth $37,341,000 after buying an additional 240,776 shares during the period. Gulf International Bank UK Ltd boosted its position in Magna International by 1.6% in the second quarter. Gulf International Bank UK Ltd now owns 126,404 shares of the company’s stock worth $4,416,000 after buying an additional 2,000 shares during the period. Finally, Cornerstone Investment Partners LLC boosted its position in Magna International by 4.9% in the second quarter. Cornerstone Investment Partners LLC now owns 2,568,915 shares of the company’s stock worth $90,092,000 after buying an additional 119,323 shares during the period. Institutional investors own 58.40% of the company’s stock.
Magna International Inc. (NYSE:MGA) traded down 0.54% during trading on Wednesday, hitting $40.45. 1,477,281 shares of the company were exchanged. The company has a market capitalization of $15.55 billion, a price-to-earnings ratio of 7.95 and a beta of 1.64. The stock’s 50-day moving average is $40.46 and its 200-day moving average is $39.76. Magna International Inc. has a 12 month low of $30.41 and a 12 month high of $46.11.
Magna International (NYSE:MGA) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $1.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.09. Magna International had a net margin of 5.67% and a return on equity of 20.72%. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.57 billion. During the same period in the prior year, the firm posted $1.13 earnings per share. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities research analysts anticipate that Magna International Inc. will post $5.26 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Friday, November 25th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.47%. The ex-dividend date is Tuesday, November 22nd. Magna International’s payout ratio is 19.65%.
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MGA has been the topic of a number of analyst reports. Royal Bank Of Canada lifted their target price on shares of Magna International from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, August 8th. Citigroup Inc. lifted their target price on shares of Magna International from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Monday, August 8th. RBC Capital Markets restated an “outperform” rating and set a $55.00 target price (up previously from $52.00) on shares of Magna International in a research note on Wednesday, August 10th. TD Securities reiterated a “buy” rating and issued a $47.00 price target (up from $46.00) on shares of Magna International in a report on Wednesday, August 10th. Finally, Zacks Investment Research upgraded shares of Magna International from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, August 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. Magna International currently has a consensus rating of “Buy” and an average price target of $49.82.
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.
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