Turtle Creek Asset Management Inc. Sells 308,651 Shares of Magna International Inc. (NYSE:MGA)

Turtle Creek Asset Management Inc. decreased its position in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 11.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,284,378 shares of the company's stock after selling 308,651 shares during the quarter. Magna International comprises about 2.5% of Turtle Creek Asset Management Inc.'s holdings, making the stock its 22nd largest position. Turtle Creek Asset Management Inc. owned 0.81% of Magna International worth $95,464,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGA. ARGA Investment Management LP lifted its holdings in shares of Magna International by 158.1% during the 4th quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company's stock worth $107,049,000 after acquiring an additional 1,568,953 shares during the period. Russell Investments Group Ltd. raised its stake in Magna International by 52.3% during the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company's stock worth $100,087,000 after purchasing an additional 822,375 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Magna International by 32.2% in the 4th quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company's stock valued at $63,280,000 after purchasing an additional 371,437 shares during the last quarter. Mufg Securities Canada LTD. grew its stake in shares of Magna International by 72.1% during the 4th quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company's stock valued at $17,228,000 after buying an additional 172,754 shares during the period. Finally, Jones Financial Companies Lllp increased its holdings in shares of Magna International by 35.5% during the 4th quarter. Jones Financial Companies Lllp now owns 112,932 shares of the company's stock worth $4,719,000 after buying an additional 29,567 shares during the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Magna International Price Performance

Shares of MGA traded down $0.24 during trading hours on Friday, hitting $35.43. 349,163 shares of the company were exchanged, compared to its average volume of 1,758,038. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35. Magna International Inc. has a fifty-two week low of $30.39 and a fifty-two week high of $47.22. The company has a market cap of $9.98 billion, a price-to-earnings ratio of 10.09, a P/E/G ratio of 0.63 and a beta of 1.52. The firm's fifty day moving average is $34.36 and its 200 day moving average is $38.76.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.90 by ($0.12). The firm had revenue of $9.68 billion for the quarter, compared to analyst estimates of $9.66 billion. Magna International had a return on equity of 12.78% and a net margin of 2.36%. The company's quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.08 earnings per share. On average, equities analysts anticipate that Magna International Inc. will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be paid a $0.485 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a yield of 5.47%. Magna International's dividend payout ratio (DPR) is 48.50%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. UBS Group cut their price objective on Magna International from $41.00 to $34.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Veritas raised shares of Magna International to a "hold" rating in a report on Thursday, April 24th. The Goldman Sachs Group decreased their price objective on shares of Magna International from $38.00 to $31.00 and set a "sell" rating for the company in a report on Thursday, April 10th. Wall Street Zen raised shares of Magna International from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Finally, Scotiabank cut their price target on Magna International from $45.00 to $38.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $41.56.

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.