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 the company in its most recent 13F filing with the SEC. The institutional investor owned 2,284,378 shares of the company's stock after selling 308,651 shares during the quarter. Magna International comprises 2.5% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 22nd largest holding. 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 large investors have also recently added to or reduced their stakes in the stock. 1620 Investment Advisors Inc. boosted its position in Magna International by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company's stock worth $328,000 after purchasing an additional 276 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its position in Magna International by 37.2% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company's stock worth $46,000 after purchasing an additional 301 shares during the period. Lindbrook Capital LLC boosted its position in Magna International by 43.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company's stock worth $43,000 after purchasing an additional 312 shares during the period. Avior Wealth Management LLC boosted its position in Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company's stock worth $26,000 after purchasing an additional 600 shares during the period. Finally, LRI Investments LLC boosted its position in Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company's stock worth $32,000 after purchasing an additional 723 shares during the period. Institutional investors own 67.49% of the company's stock.

Magna International Stock Performance

Shares of NYSE:MGA opened at $36.70 on Friday. The business's fifty day moving average price is $34.38 and its two-hundred day moving average price is $38.88. Magna International Inc. has a fifty-two week low of $30.39 and a fifty-two week high of $47.63. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of 10.46, a price-to-earnings-growth ratio of 0.63 and a beta of 1.52. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced 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). Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company had revenue of $9.68 billion during the quarter, compared to the consensus estimate of $9.66 billion. During the same quarter last year, the company earned $1.08 earnings per share. The business's revenue was down 8.2% on a year-over-year basis. As a group, analysts predict that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 5.29%. The ex-dividend date of this dividend is Friday, May 16th. Magna International's payout ratio is presently 48.50%.

Analyst Ratings Changes

MGA has been the subject of a number of recent analyst reports. Bank of America cut Magna International from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $52.00 to $48.00 in a research report on Tuesday, March 4th. Raymond James cut their price target on Magna International from $53.00 to $50.00 and set a "market perform" rating for the company in a report on Tuesday, February 18th. Barclays cut their price target on Magna International from $47.00 to $37.00 and set an "equal weight" rating for the company in a report on Tuesday, April 15th. UBS Group cut their price target on Magna International from $41.00 to $34.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Morgan Stanley cut their price target on Magna International from $43.00 to $40.00 and set an "equal weight" rating for the company in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $42.13.

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.

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