Bank of New York Mellon Corp Makes New Investment in Magna International Inc. $MGA

Key Points

• Bank of New York Mellon purchased 433,981 Magna International shares worth approximately $28.5 million, representing about 0.16% of the company. Institutional investors collectively own 67.49% of Magna’s stock.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $68.20; price targets range from $67 to $78.
• Magna exceeded quarterly expectations, reporting $1.86 in EPS and $10.84 billion in revenue, while revenue grew 3.3% year over year. The company also pays a quarterly dividend of $0.495 per share, yielding approximately 3.0% annually.

Bank of New York Mellon Corp purchased a new stake in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 433,981 shares of the company's stock, valued at approximately $28,495,000. Bank of New York Mellon Corp owned approximately 0.16% of Magna International as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in Magna International by 35.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 779 shares of the company's stock valued at $42,000 after acquiring an additional 205 shares during the last quarter. 1620 Investment Advisors Inc. lifted its stake in shares of Magna International by 2.7% during the 4th quarter. 1620 Investment Advisors Inc. now owns 8,232 shares of the company's stock worth $439,000 after purchasing an additional 215 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Magna International by 2.6% in the 4th quarter. Van ECK Associates Corp now owns 9,114 shares of the company's stock valued at $486,000 after buying an additional 235 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Magna International by 1.8% during the third quarter. Integrated Wealth Concepts LLC now owns 14,241 shares of the company's stock worth $675,000 after purchasing an additional 246 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in Magna International by 9.1% during the 1st quarter. Parallel Advisors LLC now owns 3,299 shares of the company's stock valued at $184,000 after buying an additional 275 shares in the last quarter. 67.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Veritas upgraded shares of Magna International to a "strong-buy" rating in a report on Monday, May 4th. Barclays boosted their price objective on Magna International from $66.00 to $68.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Wells Fargo & Company lifted their price target on Magna International from $62.00 to $67.00 and gave the company an "equal weight" rating in a research report on Monday, August 3rd. Canadian Imperial Bank of Commerce lowered their price objective on Magna International to $74.00 in a research report on Monday, May 4th. Finally, Scotiabank raised their price objective on shares of Magna International from $74.00 to $78.00 and gave the stock a "sector outperform" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Magna International has a consensus rating of "Hold" and an average price target of $68.20.

Magna International Price Performance

Shares of Magna International stock opened at $65.86 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.22 and a debt-to-equity ratio of 0.38. Magna International Inc. has a twelve month low of $43.11 and a twelve month high of $73.22. The business has a 50-day moving average price of $67.13 and a 200 day moving average price of $63.19. The firm has a market cap of $17.61 billion, a PE ratio of 23.86, a P/E/G ratio of 0.71 and a beta of 1.44.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its quarterly earnings results on Friday, July 31st. The company reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.53 by $0.33. Magna International had a return on equity of 15.04% and a net margin of 1.80%.The company had revenue of $10.84 billion for the quarter, compared to the consensus estimate of $10.63 billion. During the same quarter in the prior year, the business posted $1.44 earnings per share. Magna International's revenue for the quarter was up 3.3% on a year-over-year basis. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. Sell-side analysts predict that Magna International Inc. will post 7.07 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, August 14th. Magna International's dividend payout ratio (DPR) is presently 71.74%.

Magna International Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna's broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.

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