2,648,544 Magna International Inc. $MGA Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC lowered its position in Magna International Inc. (NYSE:MGA) (TSE:MG) by 11.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 21,234,280 shares of the company’s stock after selling 2,648,544 shares during the period. Magna International comprises approximately 4.0% of Pzena Investment Management LLC’s holdings, making the stock its 4th largest position. Pzena Investment Management LLC owned 8.18% of Magna International worth $1,351,987,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Oslo Pensjonsforsikring AS bought a new position in shares of Magna International during the 1st quarter valued at about $45,000. Versant Capital Management Inc increased its position in Magna International by 53.9% during the third quarter. Versant Capital Management Inc now owns 1,171 shares of the company’s stock valued at $75,000 after acquiring an additional 410 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Magna International by 115.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,675 shares of the company’s stock worth $93,000 after purchasing an additional 896 shares during the last quarter. Parallel Advisors LLC increased its stake in Magna International by 9.1% in the 1st quarter. Parallel Advisors LLC now owns 3,299 shares of the company’s stock worth $184,000 after buying an additional 275 shares during the period. Finally, Louisbourg Investments Inc. purchased a new position in Magna International during the 3rd quarter worth $186,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MGA shares. UBS Group upped their price objective on Magna International from $62.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Barclays boosted their price objective on Magna International from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, October 9th. TD cut their target price on shares of Magna International from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. Scotiabank raised their price target on shares of Magna International from $74.00 to $78.00 and gave the company a “sector outperform” rating in a research note on Monday, August 3rd. Finally, BMO Capital Markets cut Magna International from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $76.00 to $70.00 in a report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $68.73.

Magna International Stock Up 4.3%

Magna International stock opened at $65.65 on Thursday. The stock’s fifty day simple moving average is $64.78 and its 200-day simple moving average is $62.78. The company has a current ratio of 1.14, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. Magna International Inc. has a twelve month low of $45.33 and a twelve month high of $73.22. The firm has a market capitalization of $17.04 billion, a P/E ratio of 8.69, a P/E/G ratio of 0.67 and a beta of 1.46.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, October 30th. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.25. The business had revenue of $9.86 billion for the quarter, compared to analyst estimates of $10.01 billion. Magna International had a net margin of 1.99% and a return on equity of 16.26%. The company’s revenue was down 3.9% on a year-over-year basis. During the same period last year, the business earned $1.33 EPS. As a group, equities analysts expect that Magna International Inc. will post 7.07 earnings per share for the current fiscal year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be given a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, November 13th. Magna International’s dividend payout ratio (DPR) is 63.46%.

Magna International Profile

Magna International Inc is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.