Engineers Gate Manager LP Reduces Stock Position in Magna International Inc. $MGA

Key Points

• Engineers Gate Manager LP cut its Magna International stake by 60.2% during the second quarter, selling 18,279 shares and retaining 12,068 shares valued at approximately $793,000.
• Magna reported quarterly EPS of $1.86, beating estimates of $1.53, while revenue rose 3.3% year over year to $10.84 billion. The company maintained a quarterly dividend of $0.495 per share, representing a 3.1% yield.
• Analyst sentiment remains cautious, with Magna carrying a consensus “Hold” rating and an average price target of $69.07, compared with a recent share price of $63.19.

Engineers Gate Manager LP lessened its stake in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 60.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,068 shares of the company's stock after selling 18,279 shares during the quarter. Engineers Gate Manager LP's holdings in Magna International were worth $793,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Magna International by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 2,426,843 shares of the company's stock valued at $128,774,000 after purchasing an additional 154,710 shares during the period. TD Waterhouse Canada Inc. raised its stake in Magna International by 10.7% during the second quarter. TD Waterhouse Canada Inc. now owns 2,130,562 shares of the company's stock worth $134,577,000 after purchasing an additional 206,433 shares during the period. Amundi raised its stake in Magna International by 4.2% during the second quarter. Amundi now owns 1,781,357 shares of the company's stock worth $117,778,000 after purchasing an additional 71,927 shares during the period. Hillsdale Investment Management Inc. boosted its holdings in Magna International by 14.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 832,575 shares of the company's stock valued at $46,486,000 after purchasing an additional 107,150 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Magna International by 2.8% in the 1st quarter. Bank of New York Mellon Corp now owns 487,633 shares of the company's stock valued at $27,215,000 after purchasing an additional 13,439 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company's stock.

Magna International Stock Up 0.1%

Magna International stock opened at $63.19 on Monday. The company has a market capitalization of $16.74 billion, a PE ratio of 22.90, a price-to-earnings-growth ratio of 0.67 and a beta of 1.45. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 1.22. Magna International Inc. has a fifty-two week low of $43.11 and a fifty-two week high of $73.22. The firm has a 50 day moving average price of $67.49 and a 200 day moving average price of $63.43.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its quarterly earnings results on Friday, July 31st. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.53 by $0.33. Magna International had a return on equity of 15.04% and a net margin of 1.80%.The business had revenue of $10.84 billion during the quarter, compared to analyst estimates of $10.63 billion. During the same period last year, the business posted $1.44 earnings per share. The company's quarterly revenue was up 3.3% on a year-over-year basis. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. Research analysts expect that Magna International Inc. will post 7.06 earnings per share for the current year.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, August 14th. Magna International's dividend payout ratio is currently 71.74%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. UBS Group raised their price target on shares of Magna International from $62.00 to $64.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Morgan Stanley upped their price objective on Magna International from $65.00 to $69.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. Royal Bank Of Canada increased their price objective on Magna International from $66.00 to $69.00 and gave the stock a "sector perform" rating in a research report on Monday, August 3rd. Barclays raised their target price on Magna International from $66.00 to $68.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $70.00 target price (down from $76.00) on shares of Magna International in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $69.07.

Magna International Company Profile

Magna International Inc is a Canadian global automotive supplier headquartered in Aurora, Ontario. The company develops and manufactures components, systems and technologies for automakers, serving both traditional internal-combustion vehicle programs and electric-vehicle platforms.

Its principal business areas include body and exterior systems, structures and exteriors, powertrain and driveline systems, seating, electronic systems, advanced driver-assistance technologies and vehicle access systems.

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