35,152 Magna International Inc. $MGA Shares Sold by ACR Alpine Capital Research LLC

Key Points

• ACR Alpine Capital Research reduced its Magna stake by 35,152 shares (0.7%) in the third quarter, but still held 4.77 million shares worth about $304 million—4.1% of its portfolio.
• Analyst sentiment is broadly cautious: MarketBeat’s consensus rating is Hold, with a $68.73 average price target; 12 of 19 analysts covering the stock rate it Hold.
• Magna beat quarterly EPS estimates ($1.83 versus $1.58), while revenue fell short of forecasts and declined 3.9% year over year. The company announced a quarterly dividend of $0.495 per share, a 3.2% annualized yield.

ACR Alpine Capital Research LLC trimmed its stake in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,773,926 shares of the company's stock after selling 35,152 shares during the quarter. Magna International comprises approximately 4.1% of ACR Alpine Capital Research LLC's investment portfolio, making the stock its 12th biggest position. ACR Alpine Capital Research LLC owned about 1.84% of Magna International worth $303,956,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MGA. Oslo Pensjonsforsikring AS bought a new stake in shares of Magna International during the first quarter worth approximately $45,000. Versant Capital Management Inc grew its position in shares of Magna International by 53.9% in the third quarter. Versant Capital Management Inc now owns 1,171 shares of the company's stock valued at $75,000 after purchasing an additional 410 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Magna International by 115.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,675 shares of the company's stock worth $93,000 after purchasing an additional 896 shares during the period. Parallel Advisors LLC increased its stake in shares of Magna International by 9.1% during the first quarter. Parallel Advisors LLC now owns 3,299 shares of the company's stock worth $184,000 after purchasing an additional 275 shares during the period. Finally, Louisbourg Investments Inc. bought a new position in shares of Magna International during the third quarter worth approximately $186,000. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on MGA. Wall Street Zen lowered shares of Magna International from a "buy" rating to a "hold" rating in a research report on Saturday, October 31st. Canadian Imperial Bank of Commerce cut shares of Magna International from an "outperformer" rating to a "hold" rating and dropped their price objective for the stock from $78.00 to $70.00 in a research note on Wednesday, October 21st. Royal Bank Of Canada cut their price objective on shares of Magna International from $68.00 to $66.00 and set a "sector perform" rating for the company in a report on Monday. Wells Fargo & Company increased their target price on shares of Magna International from $62.00 to $67.00 and gave the stock an "equal weight" rating in a research report on Monday, August 3rd. Finally, BMO Capital Markets cut shares of Magna International from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $76.00 to $70.00 in a report on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $68.73.

Magna International Stock Down 4.4%

MGA stock opened at $62.76 on Friday. Magna International Inc. has a 52 week low of $45.33 and a 52 week high of $73.22. The business has a 50-day simple moving average of $64.72 and a 200 day simple moving average of $62.82. The company has a quick ratio of 0.88, a current ratio of 1.14 and a debt-to-equity ratio of 0.33. The company has a market cap of $16.29 billion, a PE ratio of 9.05, a price-to-earnings-growth ratio of 0.70 and a beta of 1.46.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its quarterly earnings data on Friday, October 30th. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.25. The firm had revenue of $9.86 billion for the quarter, compared to the consensus estimate of $10.01 billion. Magna International had a net margin of 1.99% and a return on equity of 16.26%. The business's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share. Sell-side analysts anticipate that Magna International Inc. will post 7.07 EPS for the current fiscal year.

Magna International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be issued a $0.4950 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.2%. Magna International's dividend payout ratio is 63.46%.

About Magna International

Magna International Inc is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.

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