Short Interest in Magna International Inc. (NYSE:MGA) Declines By 46.8%

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG saw a large decline in short interest during the month of May. As of May 31st, there was short interest totalling 8,450,000 shares, a decline of 46.8% from the May 15th total of 15,870,000 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily trading volume, of 2,090,000 shares, the days-to-cover ratio is currently 4.0 days.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America lifted their price objective on shares of Magna International from $42.00 to $45.00 and gave the stock a "neutral" rating in a research report on Monday. Wall Street Zen raised shares of Magna International from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Veritas raised Magna International to a "hold" rating in a report on Thursday, April 24th. BMO Capital Markets decreased their target price on Magna International from $47.00 to $41.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Finally, Wells Fargo & Company upped their price target on Magna International from $32.00 to $37.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Magna International currently has a consensus rating of "Hold" and an average target price of $41.38.

Hedge Funds Weigh In On Magna International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. United Services Automobile Association purchased a new stake in shares of Magna International in the 1st quarter valued at about $305,000. Integrated Wealth Concepts LLC grew its holdings in shares of Magna International by 19.8% during the first quarter. Integrated Wealth Concepts LLC now owns 6,808 shares of the company's stock worth $231,000 after purchasing an additional 1,123 shares in the last quarter. Amundi raised its stake in Magna International by 19.0% in the first quarter. Amundi now owns 582,710 shares of the company's stock valued at $19,305,000 after purchasing an additional 93,189 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new stake in Magna International in the first quarter valued at approximately $8,416,000. Finally, Quantbot Technologies LP raised its stake in Magna International by 3,849.3% in the first quarter. Quantbot Technologies LP now owns 165,908 shares of the company's stock valued at $5,639,000 after purchasing an additional 161,707 shares in the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Magna International Price Performance

Shares of Magna International stock traded up $0.36 on Wednesday, reaching $37.62. The stock had a trading volume of 1,615,846 shares, compared to its average volume of 1,735,450. The business's 50 day moving average is $35.15 and its two-hundred day moving average is $37.82. The company has a current ratio of 1.06, a quick ratio of 0.74 and a debt-to-equity ratio of 0.32. Magna International has a 1 year low of $30.39 and a 1 year high of $47.22. The company has a market cap of $10.60 billion, a P/E ratio of 9.41, a price-to-earnings-growth ratio of 0.60 and a beta of 1.50.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its 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 return on equity of 11.96% and a net margin of 2.73%. The firm had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.66 billion. During the same period last year, the company posted $1.08 EPS. The business's revenue was down 8.2% on a year-over-year basis. As a group, research analysts anticipate that Magna International will post 5.87 EPS for the current year.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a $0.485 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.16%. Magna International's dividend payout ratio (DPR) is presently 48.50%.

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.