Park Place Capital Corp Sells 1,174 Shares of Magna International Inc. (NYSE:MGA)

Park Place Capital Corp cut its position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 44.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,458 shares of the company’s stock after selling 1,174 shares during the period. Park Place Capital Corp’s holdings in Magna International were worth $61,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in MGA. Sunbelt Securities Inc. raised its holdings in shares of Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares in the last quarter. LRI Investments LLC bought a new position in shares of Magna International during the first quarter valued at approximately $36,000. Dixon Mitchell Investment Counsel Inc. purchased a new position in Magna International during the first quarter valued at approximately $49,000. EverSource Wealth Advisors LLC raised its stake in Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after buying an additional 319 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Magna International by 50.8% during the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock worth $154,000 after buying an additional 879 shares during the period. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Magna International Stock Performance

MGA stock traded down $2.58 during midday trading on Friday, hitting $40.43. 3,694,438 shares of the stock traded hands, compared to its average volume of 1,528,292. The stock’s fifty day simple moving average is $43.40 and its 200-day simple moving average is $49.13. The firm has a market cap of $11.62 billion, a P/E ratio of 11.49, a PEG ratio of 0.59 and a beta of 1.59. Magna International Inc. has a 1-year low of $40.11 and a 1-year high of $65.27. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.09 and a quick ratio of 0.76.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). The business had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a net margin of 2.35% and a return on equity of 12.96%. Magna International’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 EPS. On average, analysts expect that Magna International Inc. will post 5.68 earnings per share for the current year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.70%. Magna International’s dividend payout ratio is currently 53.98%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MGA shares. Wells Fargo & Company reduced their price target on Magna International from $49.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 25th. TD Securities decreased their price target on shares of Magna International from $62.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Evercore ISI cut their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, July 15th. Raymond James decreased their target price on shares of Magna International from $60.00 to $57.00 and set a “market perform” rating for the company in a research report on Monday, May 6th. Finally, Scotiabank reduced their price target on Magna International from $59.00 to $55.00 and set a “sector perform” rating on the stock in a research report on Monday, May 6th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $53.82.

Magna International 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.