Ellis Investment Partners LLC Raises Position in Magna International Inc. (MGA)
Ellis Investment Partners LLC lifted its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 4,787.7% in the first quarter, HoldingsChannel reports. The firm owned 1,906,688 shares of the company’s stock after purchasing an additional 1,867,678 shares during the quarter. Ellis Investment Partners LLC’s holdings in Magna International were worth $1,906,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Boston Advisors LLC grew its holdings in Magna International by 8.0% during the 1st quarter. Boston Advisors LLC now owns 31,594 shares of the company’s stock worth $1,538,000 after acquiring an additional 2,351 shares during the period. MHI Funds LLC bought a new stake in Magna International during the 1st quarter worth about $2,393,000. Miller Howard Investments Inc. NY bought a new stake in Magna International during the 1st quarter worth about $72,126,000. Nisa Investment Advisors LLC lifted its position in Magna International by 13.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 6,510 shares of the company’s stock worth $317,000 after buying an additional 755 shares in the last quarter. Finally, Baskin Financial Services Inc. increased its stake in shares of Magna International by 2.3% during the 1st quarter. Baskin Financial Services Inc. now owns 277,715 shares of the company’s stock worth $13,522,000 after purchasing an additional 6,193 shares during the last quarter. 60.04% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Magna International from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research note on Tuesday, April 2nd. ValuEngine raised shares of Magna International from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Citigroup boosted their price objective on shares of Magna International from $63.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, February 27th. Seaport Global Securities started coverage on shares of Magna International in a report on Tuesday, April 16th. They issued a “buy” rating for the company. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $64.00 price target on shares of Magna International in a report on Friday, February 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. Magna International currently has an average rating of “Hold” and an average price target of $64.09.
Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 22nd. The company reported $1.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.60 by $0.03. Magna International had a net margin of 5.62% and a return on equity of 20.00%. The company had revenue of $10.14 billion during the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter in the prior year, the firm posted $1.57 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Research analysts forecast that Magna International Inc. will post 6.98 earnings per share for the current year.
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About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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