Geneva Advisors LLC Invests $613,000 in Magna International, Inc. (MGA)
Geneva Advisors LLC purchased a new stake in Magna International, Inc. (NYSE:MGA) (TSE:MG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 13,222 shares of the company’s stock, valued at approximately $613,000.
Other hedge funds also recently made changes to their positions in the company. Mckinley Capital Management LLC Delaware bought a new stake in shares of Magna International during the first quarter valued at approximately $173,000. SRS Capital Advisors Inc. boosted its stake in shares of Magna International by 16.4% in the first quarter. SRS Capital Advisors Inc. now owns 3,239 shares of the company’s stock valued at $139,000 after buying an additional 456 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Magna International by 3.8% in the first quarter. IFP Advisors Inc now owns 3,357 shares of the company’s stock valued at $145,000 after buying an additional 124 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Magna International during the first quarter valued at approximately $157,000. Finally, Regent Investment Management LLC bought a new stake in shares of Magna International during the second quarter valued at approximately $204,000. Institutional investors and hedge funds own 59.73% of the company’s stock.
Shares of Magna International, Inc. (NYSE MGA) opened at 46.36 on Wednesday. The stock has a market capitalization of $17.15 billion, a PE ratio of 8.38 and a beta of 1.44. The stock’s 50 day moving average is $47.42 and its 200 day moving average is $44.59. Magna International, Inc. has a 12 month low of $36.77 and a 12 month high of $48.90.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, August 11th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.01. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The company had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.50 billion. During the same period last year, the company earned $1.41 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts anticipate that Magna International, Inc. will post $5.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.275 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.10 annualized dividend and a dividend yield of 2.37%. Magna International’s dividend payout ratio is currently 19.86%.
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Several analysts have commented on the stock. Royal Bank Of Canada boosted their price target on shares of Magna International from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Monday, August 14th. TD Securities boosted their price target on shares of Magna International from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, August 14th. Citigroup Inc. boosted their price target on shares of Magna International from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Zacks Investment Research upgraded shares of Magna International from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Wednesday, August 16th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $61.00 price target (up previously from $59.00) on shares of Magna International in a research note on Monday, August 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $52.60.
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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