ARGA Investment Management LP Invests $40.71 Million in Magna International Inc. (NYSE:MGA)

ARGA Investment Management LP acquired a new stake in Magna International Inc. (NYSE:MGA) (TSE:MG) in the 3rd quarter, Holdings Channel reports. The fund acquired 992,538 shares of the company’s stock, valued at approximately $40,710,000. Magna International accounts for about 1.3% of ARGA Investment Management LP’s portfolio, making the stock its 21st largest holding.

Other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Magna International during the 2nd quarter valued at approximately $28,000. Kennebec Savings Bank acquired a new position in shares of Magna International in the 3rd quarter valued at $32,000. Grove Bank & Trust raised its stake in Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after acquiring an additional 343 shares during the last quarter. LRI Investments LLC acquired a new stake in Magna International during the 1st quarter worth about $36,000. Finally, Massmutual Trust Co. FSB ADV lifted its position in Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after acquiring an additional 513 shares during the period. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. CIBC reduced their price objective on Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. Scotiabank lifted their price objective on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Monday, November 4th. Raymond James dropped their price objective on shares of Magna International from $57.00 to $53.00 and set a “market perform” rating on the stock in a report on Tuesday, August 6th. Wolfe Research reissued an “underperform” rating on shares of Magna International in a report on Thursday, September 5th. Finally, UBS Group upped their price target on shares of Magna International from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $49.76.

Magna International Stock Performance

NYSE MGA opened at $45.14 on Friday. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 0.83 and a beta of 1.59. The stock has a 50-day moving average of $42.51 and a 200 day moving average of $42.58. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. Magna International Inc. has a twelve month low of $38.01 and a twelve month high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The business had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. During the same quarter last year, the firm earned $1.46 earnings per share. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. Sell-side analysts anticipate that Magna International Inc. will post 5.22 EPS for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.21%. The ex-dividend date was Friday, November 15th. Magna International’s payout ratio is 50.80%.

About Magna International

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.