Magna International Inc. (NYSE:MGA) Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its stock position in Magna International Inc. by 0.9% during the first quarter, owning approximately 0.84% of the company valued at $80.7 million after selling 20,705 shares.
• Several hedge funds increased their stakes, with ARGA Investment Management LP raising its position by 17% to 2,997,857 shares, valued at $101.89 million.
• Magna International declared a quarterly dividend of $0.485 per share, equating to an annual yield of 4.4%, set to be paid on August 29th to shareholders recorded by August 15th.

Russell Investments Group Ltd. decreased its holdings in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,374,668 shares of the company's stock after selling 20,705 shares during the period. Russell Investments Group Ltd. owned about 0.84% of Magna International worth $80,705,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc bought a new position in shares of Magna International during the 1st quarter worth $27,000. Cromwell Holdings LLC grew 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 worth $28,000 after buying an additional 466 shares in the last quarter. LRI Investments LLC grew 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 worth $32,000 after buying an additional 723 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of Magna International by 507.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,500 shares of the company's stock worth $51,000 after buying an additional 1,253 shares in the last quarter. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Magna International during the 1st quarter worth $99,000. Hedge funds and other institutional investors own 67.49% of the company's stock.

Magna International Stock Performance

Shares of NYSE:MGA traded down $0.43 during trading on Friday, hitting $44.29. The stock had a trading volume of 786,772 shares, compared to its average volume of 1,521,011. Magna International Inc. has a 12-month low of $30.39 and a 12-month high of $47.22. The stock has a market capitalization of $12.48 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 0.99 and a beta of 1.51. The company has a quick ratio of 0.82, a current ratio of 1.16 and a debt-to-equity ratio of 0.39. The stock has a 50-day simple moving average of $40.80 and a two-hundred day simple moving average of $37.52.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its quarterly earnings data on Friday, August 1st. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.25. The firm had revenue of $10.82 billion during the quarter, compared to analysts' expectations of $10.10 billion. Magna International had a return on equity of 11.89% and a net margin of 2.91%. The company's revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the business posted $1.35 earnings per share. On average, equities research analysts expect that Magna International Inc. will post 5.87 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Friday, August 15th. Magna International's dividend payout ratio (DPR) is presently 45.54%.

Wall Street Analyst Weigh In

MGA has been the topic of a number of recent research reports. CIBC increased their price target on Magna International from $33.00 to $38.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Wells Fargo & Company raised their price objective on Magna International from $37.00 to $38.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Bank of America raised 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. Barclays raised their price objective on Magna International from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. raised their price objective on Magna International from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Magna International has an average rating of "Hold" and an average target price of $42.36.

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.