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 bought 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 Form 13F filing with the Securities & Exchange Commission. The firm bought 161,171 shares of the company's stock, valued at approximately $5,478,000. ARK Investment Management LLC owned approximately 0.06% of Magna International as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its position in shares of Magna International by 507.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,500 shares of the company's stock worth $51,000 after purchasing an additional 1,253 shares during the period. Cromwell Holdings LLC increased its position in shares of Magna International by 131.6% in the first quarter. Cromwell Holdings LLC now owns 820 shares of the company's stock worth $28,000 after purchasing an additional 466 shares during the period. ARGA Investment Management LP increased its position in shares of Magna International by 17.0% in the first quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock worth $101,890,000 after purchasing an additional 436,366 shares during the period. Bank of New York Mellon Corp increased its position in shares of Magna International by 5.5% in the first quarter. Bank of New York Mellon Corp now owns 252,500 shares of the company's stock worth $8,582,000 after purchasing an additional 13,220 shares during the period. Finally, Lorne Steinberg Wealth Management Inc. increased its position in shares of Magna International by 6.4% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 84,570 shares of the company's stock worth $2,877,000 after purchasing an additional 5,075 shares during the period. Institutional investors and hedge funds own 67.49% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. UBS Group raised their price target on Magna International from $37.00 to $45.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Wells Fargo & Company raised their price target on Magna International from $37.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. BMO Capital Markets decreased their target price on Magna International from $47.00 to $41.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. TD Securities lifted their target price on Magna International from $44.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Finally, Scotiabank lifted their target price on Magna International from $38.00 to $44.00 and gave the company a "sector perform" rating in a research report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $42.71.

Magna International Stock Performance

NYSE:MGA opened at $42.57 on Friday. The stock has a market cap of $12.00 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 1.00 and a beta of 1.50. The company has a current ratio of 1.06, a quick ratio of 0.74 and a debt-to-equity ratio of 0.32. The stock's 50-day moving average is $38.87 and its 200-day moving average is $37.34. Magna International Inc. has a 1-year low of $30.39 and a 1-year high of $47.22.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its quarterly earnings results on Friday, May 2nd. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate 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 business's revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.08 earnings per share. Equities research analysts anticipate that Magna International Inc. will post 5.87 earnings per share for the current year.

Magna International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 4.56%. The ex-dividend date was Friday, May 16th. Magna International's payout ratio is presently 48.50%.

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.

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