Magna International Inc. $MGA Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. sold 1,078,525 shares of Magna International Inc., reducing its stake by 17.1% to approximately $177.36 million as of the end of the first quarter.
• Analysts have generally positive views on Magna International, with price targets raised by firms such as JPMorgan Chase and TD Securities, indicating a consensus target price of $42.86.
• Magna International reported a 4.2% increase in stock price recently and posted $1.44 EPS for the last quarter, beating analyst expectations significantly.

Price T Rowe Associates Inc. MD cut its holdings in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 17.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,217,816 shares of the company's stock after selling 1,078,525 shares during the quarter. Price T Rowe Associates Inc. MD owned about 1.85% of Magna International worth $177,355,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. ARGA Investment Management LP raised its stake in Magna International by 17.0% during the first quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock worth $101,890,000 after purchasing an additional 436,366 shares during the period. Quantbot Technologies LP increased its holdings in shares of Magna International by 3,849.3% during the 1st quarter. Quantbot Technologies LP now owns 165,908 shares of the company's stock worth $5,639,000 after buying an additional 161,707 shares during the last quarter. ARK Investment Management LLC purchased a new position in shares of Magna International in the 1st quarter worth $5,478,000. Janney Montgomery Scott LLC boosted its holdings in Magna International by 19.9% in the first quarter. Janney Montgomery Scott LLC now owns 251,832 shares of the company's stock valued at $8,560,000 after acquiring an additional 41,811 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Magna International by 99.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 50,462 shares of the company's stock valued at $2,108,000 after acquiring an additional 25,142 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company's stock.

Magna International Stock Down 0.0%

Magna International stock traded down $0.01 during midday trading on Friday, hitting $45.94. 1,184,055 shares of the company were exchanged, compared to its average volume of 1,263,827. The company has a market cap of $12.95 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 1.03 and a beta of 1.51. Magna International Inc. has a fifty-two week low of $30.39 and a fifty-two week high of $47.22. The company's fifty day moving average price is $42.33 and its 200-day moving average price is $37.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its quarterly earnings data on Friday, August 1st. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.25. Magna International had a net margin of 2.91% and a return on equity of 11.89%. The company had revenue of $10.82 billion during the quarter, compared to the consensus estimate of $10.10 billion. During the same quarter last year, the company earned $1.35 earnings per share. Magna International's revenue for the quarter was down 3.0% on a year-over-year basis. Magna International has set its FY 2025 guidance at EPS. On average, research analysts predict that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a dividend of $0.485 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.94 annualized dividend and a yield of 4.2%. Magna International's payout ratio is 45.54%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Bank of America upped 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. TD Securities boosted their target price on Magna International from $50.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. CIBC reissued a "neutral" rating and set a $47.00 target price (up previously from $46.00) on shares of Magna International in a research report on Tuesday. Royal Bank Of Canada raised their price target on shares of Magna International from $38.00 to $45.00 and gave the company a "sector perform" rating in a report on Friday, August 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Magna International from $37.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Three equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $43.50.

About Magna International

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.