Letko Brosseau & Associates Inc. Sells 239,608 Shares of Magna International Inc. $MGA

Letko Brosseau & Associates Inc. reduced its position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 6.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,488,853 shares of the company’s stock after selling 239,608 shares during the period. Magna International comprises about 2.9% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 8th largest holding. Letko Brosseau & Associates Inc.’s holdings in Magna International were worth $222,784,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. ARGA Investment Management LP raised its position in Magna International by 11.0% in the 3rd quarter. ARGA Investment Management LP now owns 4,030,060 shares of the company’s stock valued at $256,706,000 after buying an additional 397,793 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Magna International by 4.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,183,383 shares of the company’s stock valued at $139,269,000 after acquiring an additional 84,978 shares in the last quarter. TD Waterhouse Canada Inc. lifted its stake in Magna International by 10.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 2,130,562 shares of the company’s stock valued at $134,577,000 after acquiring an additional 206,433 shares in the last quarter. Amundi lifted its stake in Magna International by 4.2% in the 2nd quarter. Amundi now owns 1,781,357 shares of the company’s stock valued at $117,778,000 after acquiring an additional 71,927 shares in the last quarter. Finally, QV Investors Inc. lifted its stake in Magna International by 33.3% in the 3rd quarter. QV Investors Inc. now owns 739,472 shares of the company’s stock valued at $47,220,000 after acquiring an additional 184,631 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MGA shares. Morgan Stanley reduced their price target on Magna International from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday, October 15th. JPMorgan Chase & Co. downgraded shares of Magna International from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $77.00 to $72.00 in a report on Tuesday, September 15th. BMO Capital Markets lowered shares of Magna International from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $76.00 to $70.00 in a research report on Friday, September 18th. Wall Street Zen cut shares of Magna International from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Finally, TD reduced their target price on shares of Magna International from $80.00 to $77.00 and set a “buy” rating for the company in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Magna International currently has an average rating of “Hold” and an average target price of $68.33.

Magna International Price Performance

Shares of NYSE MGA opened at $62.38 on Friday. The stock has a market capitalization of $16.12 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 0.67 and a beta of 1.46. The business has a 50-day moving average of $64.40 and a 200-day moving average of $63.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.14 and a quick ratio of 0.80. Magna International Inc. has a fifty-two week low of $45.33 and a fifty-two week high of $73.22.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, October 30th. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.25. Magna International had a return on equity of 16.26% and a net margin of 1.99%. The business had revenue of $9.86 billion for the quarter, compared to the consensus estimate of $10.01 billion. During the same quarter in the previous year, the business earned $1.33 earnings per share. Magna International’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, sell-side analysts predict that Magna International Inc. will post 7.07 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be paid a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Friday, November 13th. Magna International’s dividend payout ratio (DPR) is currently 63.46%.

Magna International Profile

Magna International is a Canadian mobility technology supplier that designs and manufactures components, systems and complete vehicles for automakers. Its products and services support a range of vehicle types, including those with electric and advanced driver-assistance technologies. The company’s operations include body and exterior systems, seating, powertrain and electronics, as well as vehicle engineering and contract manufacturing. Its portfolio also includes products such as mirrors, lighting systems and roof systems.