Lorne Steinberg Wealth Management Inc. Has $4.22 Million Holdings in Magna International Inc. (NYSE:MGA)

Lorne Steinberg Wealth Management Inc. lifted its position in Magna International Inc. (NYSE:MGA) (TSE:MG) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,358 shares of the company’s stock after acquiring an additional 2,646 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Magna International were worth $4,217,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MGA. SG Americas Securities LLC lifted its position in Magna International by 15.3% in the 3rd quarter. SG Americas Securities LLC now owns 33,392 shares of the company’s stock worth $1,885,000 after buying an additional 4,428 shares in the last quarter. Manning & Napier Group LLC increased its position in Magna International by 1.6% in the 3rd quarter. Manning & Napier Group LLC now owns 42,789 shares of the company’s stock worth $2,294,000 after purchasing an additional 654 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Magna International by 18.5% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after purchasing an additional 147,950 shares in the last quarter. Strengthening Families & Communities LLC increased its holdings in Magna International by 9.2% in the third quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock worth $1,909,000 after buying an additional 2,997 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in shares of Magna International by 1.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock worth $7,751,000 after purchasing an additional 1,737 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on MGA. Barclays lowered their target price on shares of Magna International from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 11th. Royal Bank of Canada decreased their target price on Magna International from $61.00 to $60.00 and set a “sector perform” rating for the company in a research report on Monday, February 12th. JPMorgan Chase & Co. lifted their price target on shares of Magna International from $69.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday. TD Securities dropped their target price on shares of Magna International from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Monday. Finally, The Goldman Sachs Group lowered Magna International from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $73.00 to $58.00 in a research report on Wednesday, January 3rd. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Magna International has an average rating of “Hold” and an average target price of $62.50.

Magna International Stock Down 0.8 %

Shares of NYSE:MGA traded down $0.41 during trading on Wednesday, hitting $49.36. 397,299 shares of the company were exchanged, compared to its average volume of 1,356,596. Magna International Inc. has a fifty-two week low of $46.71 and a fifty-two week high of $65.27. The stock has a market cap of $14.18 billion, a price-to-earnings ratio of 11.79, a P/E/G ratio of 0.50 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average price of $53.09 and a two-hundred day moving average price of $54.25.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.13). Magna International had a return on equity of 13.15% and a net margin of 2.83%. The firm had revenue of $10.45 billion for the quarter, compared to the consensus estimate of $10.44 billion. During the same period last year, the company posted $0.91 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year. As a group, research analysts anticipate that Magna International Inc. will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.475 per share. This is an increase from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 annualized dividend and a dividend yield of 3.85%. The ex-dividend date was Thursday, February 22nd. Magna International’s payout ratio is currently 45.02%.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.