Magna International Inc. (NYSE:MGA) (TSE:MG) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 3,390,000 shares, a decline of 5.6% from the September 30th total of 3,590,000 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average daily trading volume, of 821,600 shares, the days-to-cover ratio is currently 4.1 days.
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MGA traded up $1.01 on Monday, reaching $54.99. The company had a trading volume of 34,712 shares, compared to its average volume of 964,182. The company’s fifty day moving average is $53.81 and its 200 day moving average is $49.86. Magna International has a fifty-two week low of $42.51 and a fifty-two week high of $57.09. The stock has a market cap of $16.57 billion, a P/E ratio of 8.21, a P/E/G ratio of 1.50 and a beta of 1.57. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.85 and a current ratio of 1.21.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, November 8th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.03. The firm had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.32 billion. Magna International had a net margin of 4.43% and a return on equity of 17.59%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.56 EPS. On average, sell-side analysts expect that Magna International will post 5.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.365 dividend. This represents a $1.46 annualized dividend and a yield of 2.66%. The ex-dividend date is Thursday, November 21st. Magna International’s payout ratio is 21.76%.
A number of large investors have recently modified their holdings of MGA. Kempen Capital Management N.V. raised its stake in shares of Magna International by 17.8% during the second quarter. Kempen Capital Management N.V. now owns 49,366 shares of the company’s stock valued at $3,217,000 after acquiring an additional 7,475 shares during the last quarter. US Bancorp DE grew its holdings in Magna International by 3.3% in the second quarter. US Bancorp DE now owns 719,098 shares of the company’s stock worth $35,739,000 after purchasing an additional 22,874 shares during the period. Tiverton Asset Management LLC acquired a new stake in Magna International in the second quarter worth $978,000. QV Investors Inc. grew its holdings in Magna International by 27.7% in the third quarter. QV Investors Inc. now owns 764,140 shares of the company’s stock worth $53,964,000 after purchasing an additional 165,650 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in Magna International in the second quarter worth $34,000. 55.43% of the stock is owned by institutional investors and hedge funds.
MGA has been the topic of several analyst reports. TD Securities boosted their price target on shares of Magna International from $59.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Evercore ISI reissued a “hold” rating and set a $52.00 price target on shares of Magna International in a research report on Sunday, August 11th. ValuEngine raised shares of Magna International from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Morgan Stanley boosted their price objective on shares of Magna International from $40.00 to $42.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, Zacks Investment Research lowered shares of Magna International from a “hold” rating to a “sell” rating and set a $57.00 price objective on the stock. in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $55.44.
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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