Lorne Steinberg Wealth Management Inc. Sells 928 Shares of Magna International Inc. (NYSE:MGA)

Lorne Steinberg Wealth Management Inc. decreased its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,734 shares of the company’s stock after selling 928 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Magna International were worth $3,047,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Russell Investments Group Ltd. increased its stake in shares of Magna International by 35.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after buying an additional 289,105 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Magna International by 0.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after buying an additional 2,727 shares during the period. QV Investors Inc. increased its stake in shares of Magna International by 1.0% in the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock valued at $36,378,000 after buying an additional 6,895 shares during the period. Azimuth Capital Investment Management LLC increased its stake in shares of Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after buying an additional 53,695 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in shares of Magna International by 5.8% during the first quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock worth $8,573,000 after purchasing an additional 8,680 shares during the period. Institutional investors own 67.49% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MGA. JPMorgan Chase & Co. decreased their price objective on Magna International from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. BNP Paribas raised Magna International from a “neutral” rating to an “outperform” rating in a research note on Monday, July 1st. Morgan Stanley decreased their price objective on Magna International from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday. StockNews.com cut Magna International from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Finally, BMO Capital Markets decreased their price objective on Magna International from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Magna International presently has an average rating of “Hold” and an average price target of $51.06.

Magna International Stock Performance

Shares of Magna International stock remained flat at $40.79 during trading hours on Friday. 1,220,108 shares of the stock were exchanged, compared to its average volume of 1,667,322. The business’s fifty day moving average is $42.39 and its 200 day moving average is $48.22. Magna International Inc. has a one year low of $38.01 and a one year high of $60.32. The company has a current ratio of 1.09, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. The firm has a market cap of $11.72 billion, a PE ratio of 11.53, a P/E/G ratio of 0.59 and a beta of 1.59.

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

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a $0.475 dividend. The ex-dividend date is Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.66%. Magna International’s payout ratio is 53.98%.

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.