ARK Investment Management LLC Invests $5.48 Million in Magna International Inc. (NYSE:MGA)

Key Points

• ARK Investment Management LLC has invested approximately $5.48 million in Magna International Inc., acquiring 161,171 shares during the first quarter.
• Institutional investors own 67.49% of Magna International, with significant investments by Whittier Trust Co. and ARGA Investment Management increasing their holdings substantially.
• Analysts have varied outlooks on Magna International, with a consensus rating of "Hold" and a target price of $42.71, reflecting a mix of upgrades and downgrades from different firms.

ARK Investment Management LLC purchased a new position in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 161,171 shares of the company's stock, valued at approximately $5,478,000. ARK Investment Management LLC owned 0.06% of Magna International as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its stake in shares of Magna International by 52.3% in the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company's stock valued at $100,087,000 after acquiring an additional 822,375 shares in the last quarter. ARGA Investment Management LP lifted its holdings in Magna International by 17.0% in the 1st quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock worth $101,890,000 after buying an additional 436,366 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Magna International by 32.2% during the 4th quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company's stock valued at $63,280,000 after buying an additional 371,437 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Magna International by 19.9% in the first quarter. Janney Montgomery Scott LLC now owns 251,832 shares of the company's stock valued at $8,560,000 after acquiring an additional 41,811 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Magna International by 99.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 50,462 shares of the company's stock valued at $2,108,000 after acquiring an additional 25,142 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company's stock.

Magna International Stock Down 0.5%

Shares of NYSE MGA traded down $0.22 during midday trading on Wednesday, hitting $41.29. 640,305 shares of the company's stock were exchanged, compared to its average volume of 1,801,927. The company has a market cap of $11.63 billion, a PE ratio of 10.34, a P/E/G ratio of 0.99 and a beta of 1.50. Magna International Inc. has a twelve month low of $30.39 and a twelve month high of $47.22. The firm's fifty day simple moving average is $39.09 and its 200-day simple moving average is $37.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.06 and a quick ratio of 0.74.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its earnings results on Friday, May 2nd. The company reported $0.78 EPS for the quarter, missing analysts' consensus estimates of $0.90 by ($0.12). The firm had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.66 billion. Magna International had a return on equity of 11.96% and a net margin of 2.73%. The company's quarterly revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.08 EPS. Research analysts predict that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a dividend of $0.485 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.94 annualized dividend and a yield of 4.70%. Magna International's dividend payout ratio (DPR) is presently 48.50%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. CIBC boosted their target price on shares of Magna International from $33.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. TD Securities raised their price objective on shares of Magna International from $44.00 to $45.00 and gave the company a "buy" rating in a report on Monday, May 5th. Morgan Stanley cut their target price on Magna International from $40.00 to $38.00 and set an "equal weight" rating on the stock in a research report on Monday, May 19th. Royal Bank Of Canada raised their price objective on shares of Magna International from $31.00 to $38.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 9th. Finally, The Goldman Sachs Group cut their price objective on shares of Magna International from $38.00 to $31.00 and set a "sell" rating on the stock in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Magna International currently has an average rating of "Hold" and an average price target of $42.71.

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.