Magna International Inc. (NYSE:MGA) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 252,500 shares of the company's stock after purchasing an additional 13,220 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.09% of Magna International worth $8,582,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LRI Investments LLC boosted its stake in Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company's stock valued at $32,000 after buying an additional 723 shares during the last quarter. Versant Capital Management Inc bought a new stake in shares of Magna International in the 1st quarter valued at approximately $27,000. Millstone Evans Group LLC bought a new stake in shares of Magna International in the 4th quarter valued at approximately $33,000. CIBC Private Wealth Group LLC lifted its stake in shares of Magna International by 290.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,501 shares of the company's stock valued at $141,000 after purchasing an additional 2,605 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Magna International by 9.0% in the 4th quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company's stock valued at $2,010,000 after purchasing an additional 3,956 shares during the last quarter. 67.49% of the stock is owned by institutional investors.

Magna International Stock Down 1.9%

Shares of NYSE:MGA traded down $0.81 on Thursday, reaching $42.83. The company had a trading volume of 428,412 shares, compared to its average volume of 1,821,029. Magna International Inc. has a 52-week low of $30.39 and a 52-week high of $47.22. The firm's 50 day simple moving average is $38.63 and its 200-day simple moving average is $37.33. The firm has a market capitalization of $12.07 billion, a PE ratio of 10.72, a PEG ratio of 0.99 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.

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

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a $0.485 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.53%. Magna International's payout ratio is 48.50%.

Analysts Set New Price Targets

Several research firms have recently issued reports on MGA. The Goldman Sachs Group lowered their price objective on Magna International from $38.00 to $31.00 and set a "sell" rating for the company in a research note on Thursday, April 10th. Veritas raised Magna International to a "hold" rating in a research note on Thursday, April 24th. Bank of America raised their price target on Magna International from $42.00 to $45.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. CIBC raised their price target on Magna International from $33.00 to $38.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. Finally, 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 note on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $42.71.

Magna International Company 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.