Nikko Asset Management Americas Inc. Cuts Stake in Magna International Inc. (NYSE:MGA)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Magna International Inc. by 10.6%, now owning 94,271 shares worth approximately $3.2 million.
• Recent analyst ratings include a price target increase from $37.00 to $38.00 by Wells Fargo and a downgrade from $47.00 to $41.00 by BMO Capital Markets.
• Magna International's latest quarterly earnings report revealed an EPS of $0.78, missing estimates by $0.12, with revenues of $9.68 billion.

Nikko Asset Management Americas Inc. cut its holdings in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 10.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,271 shares of the company's stock after selling 11,124 shares during the period. Nikko Asset Management Americas Inc.'s holdings in Magna International were worth $3,204,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Cromwell Holdings LLC increased its position in shares of Magna International by 131.6% during the 1st quarter. Cromwell Holdings LLC now owns 820 shares of the company's stock valued at $28,000 after purchasing an additional 466 shares during the last quarter. LRI Investments LLC increased its position in shares of Magna International by 2,126.5% during the 4th quarter. LRI Investments LLC now owns 757 shares of the company's stock valued at $32,000 after purchasing an additional 723 shares during the last quarter. Versant Capital Management Inc bought a new position in Magna International in the 1st quarter valued at $27,000. Whittier Trust Co. of Nevada Inc. grew its position in Magna International by 507.3% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,500 shares of the company's stock valued at $51,000 after acquiring an additional 1,253 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in 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 acquiring an additional 2,605 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Stock Performance

Shares of NYSE MGA traded down $0.16 during trading hours on Wednesday, reaching $41.35. The stock had a trading volume of 350,498 shares, compared to its average volume of 1,799,876. The firm has a 50-day moving average of $39.09 and a 200-day moving average of $37.35. 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 firm has a market cap of $11.65 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 0.99 and a beta of 1.50. Magna International Inc. has a fifty-two week low of $30.39 and a fifty-two week 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 analysts' consensus estimates of $0.90 by ($0.12). The firm 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 business's revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 EPS. Equities research analysts predict 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. Shareholders of record on Friday, May 16th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date was Friday, May 16th. Magna International's dividend payout ratio (DPR) is presently 48.50%.

Wall Street Analyst Weigh In

Several equities analysts have commented on MGA shares. Bank of America upped their price objective on Magna International from $42.00 to $45.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Veritas upgraded Magna International to a "hold" rating in a report on Thursday, April 24th. The Goldman Sachs Group lowered their target price on Magna International from $38.00 to $31.00 and set a "sell" rating for the company in a report on Thursday, April 10th. UBS Group upped their target price on Magna International from $37.00 to $45.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Finally, Morgan Stanley decreased their price objective on Magna International from $40.00 to $38.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $42.71.

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.