Russell Investments Group Ltd. Sells 20,705 Shares of Magna International Inc. (NYSE:MGA)

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. reduced its position 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 13F filing with the SEC. The fund owned 2,374,668 shares of the company's stock after selling 20,705 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.84% of Magna International worth $80,705,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MGA. Atlas Capital Advisors Inc. bought a new position in Magna International in the first quarter worth approximately $99,000. ARK Investment Management LLC acquired a new position in shares of Magna International during the first quarter worth approximately $5,478,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Magna International by 507.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,500 shares of the company's stock worth $51,000 after purchasing an additional 1,253 shares during the period. Cromwell Holdings LLC grew its position in Magna International by 131.6% in 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 period. Finally, ARGA Investment Management LP grew its position in Magna International by 17.0% in the 1st quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock valued at $101,890,000 after purchasing an additional 436,366 shares during the period. 67.49% of the stock is owned by institutional investors.

Magna International Stock Performance

NYSE:MGA traded down $0.43 on Friday, reaching $44.29. 786,772 shares of the company's stock were exchanged, compared to its average volume of 1,799,781. The stock has a fifty day simple moving average of $40.80 and a 200-day simple moving average of $37.55. Magna International Inc. has a 52 week low of $30.39 and a 52 week high of $47.22. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82. The firm has a market cap of $12.48 billion, a price-to-earnings ratio of 10.40, a P/E/G ratio of 1.01 and a beta of 1.51.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its quarterly earnings data on Friday, August 1st. The company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.25. The business had revenue of $10.82 billion during the quarter, compared to analyst estimates of $10.10 billion. Magna International had a net margin of 2.91% and a return on equity of 11.89%. Magna International's revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.35 EPS. As a group, sell-side analysts predict that Magna International Inc. will post 5.87 earnings per share for the current year.

Magna International Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Bank of America upped their target price on shares of Magna International from $42.00 to $45.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. BMO Capital Markets lowered their target price on shares of Magna International from $47.00 to $41.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Cfra Research upgraded shares of Magna International to a "hold" rating in a report on Monday, August 4th. Evercore ISI increased their target price on shares of Magna International from $37.00 to $40.00 and gave the company an "in-line" rating in a report on Monday, August 4th. Finally, Morgan Stanley lowered their target price on shares of Magna International from $40.00 to $38.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Magna International currently has a consensus rating of "Hold" and an average price target of $42.36.

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.