Magna International Inc. $MGA Shares Sold by Turtle Creek Asset Management Inc.

Key Points

• Turtle Creek Asset Management cut its Magna International stake by 43.4% in the first quarter, selling 459,051 shares and retaining 599,801 shares valued at approximately $33.5 million. Institutional investors collectively own 67.49% of the company.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of $65.73. Recent targets range from $57 to $75.
• Magna reported first-quarter adjusted earnings of $1.38 per share, beating estimates of $1.01, while revenue reached $10.13 billion and rose 3.1% year over year. The company also maintains a quarterly dividend of $0.495 per share, representing a 2.9% yield.

Turtle Creek Asset Management Inc. reduced its position in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 43.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 599,801 shares of the company's stock after selling 459,051 shares during the quarter. Magna International comprises approximately 1.2% of Turtle Creek Asset Management Inc.'s portfolio, making the stock its 24th biggest position. Turtle Creek Asset Management Inc. owned approximately 0.22% of Magna International worth $33,475,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MGA. ARGA Investment Management LP raised its position in Magna International by 1.1% in the 4th quarter. ARGA Investment Management LP now owns 4,193,129 shares of the company's stock valued at $223,512,000 after purchasing an additional 44,996 shares during the last quarter. Geode Capital Management LLC grew its position in Magna International by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 2,426,843 shares of the company's stock worth $128,774,000 after purchasing an additional 154,710 shares during the last quarter. Russell Investments Group Ltd. grew its position in Magna International by 7.8% during the 4th quarter. Russell Investments Group Ltd. now owns 2,090,887 shares of the company's stock worth $111,549,000 after purchasing an additional 151,819 shares during the last quarter. Hillsdale Investment Management Inc. increased its stake in Magna International by 14.8% in the first 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 period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Magna International by 2.8% during the first quarter. Bank of New York Mellon Corp now owns 487,633 shares of the company's stock worth $27,215,000 after buying an additional 13,439 shares during the period. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGA has been the topic of a number of research reports. Canadian Imperial Bank of Commerce lowered their price target on Magna International to $74.00 in a report on Monday, May 4th. UBS Group upped their price objective on Magna International from $62.00 to $64.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Citigroup increased their price objective on Magna International from $58.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Zacks Research downgraded Magna International from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. Finally, Royal Bank Of Canada boosted their target price on Magna International to $57.00 and gave the company a "sector perform" rating in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $65.73.

Magna International Trading Up 0.2%

Shares of Magna International stock opened at $69.16 on Thursday. The firm has a market cap of $18.49 billion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 0.94 and a beta of 1.44. Magna International Inc. has a 52-week low of $40.51 and a 52-week high of $70.36. The company's 50-day simple moving average is $65.61 and its 200-day simple moving average is $60.87. 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 (NYSE:MGA - Get Free Report) TSE: MG last announced its quarterly earnings data on Friday, May 1st. The company reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.37. Magna International had a net margin of 1.60% and a return on equity of 14.01%. The firm had revenue of $10.13 billion during the quarter, compared to the consensus estimate of $10.14 billion. During the same quarter last year, the firm earned $0.78 earnings per share. The firm's revenue was up 3.1% compared to the same quarter last year. Magna International has set its FY 2026 guidance at 6.250-7.250 EPS. As a group, equities research analysts anticipate that Magna International Inc. will post 6.82 earnings per share for the current year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a $0.495 dividend. This represents a $1.98 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, May 15th. Magna International's dividend payout ratio (DPR) is currently 82.85%.

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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