Van ECK Associates Corp Purchases 766 Shares of Magna International Inc. (NYSE:MGA)

Van ECK Associates Corp boosted its position in Magna International Inc. (NYSE:MGA) (TSE:MG) by 6.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,290 shares of the company’s stock after purchasing an additional 766 shares during the quarter. Van ECK Associates Corp’s holdings in Magna International were worth $517,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGA. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Magna International in the second quarter valued at about $28,000. Grove Bank & Trust boosted its holdings in Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock valued at $34,000 after purchasing an additional 343 shares during the period. LRI Investments LLC acquired a new position in shares of Magna International during the 1st quarter worth approximately $36,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Magna International by 84.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after purchasing an additional 513 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after buying an additional 319 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. BMO Capital Markets reduced their price target on Magna International from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada decreased their price target on Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Monday, November 4th. Raymond James cut their price objective on shares of Magna International from $57.00 to $53.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. The Goldman Sachs Group decreased their target price on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Finally, Wells Fargo & Company upped their price target on shares of Magna International from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Magna International currently has an average rating of “Hold” and a consensus price target of $49.76.

Magna International Trading Down 0.4 %

MGA opened at $44.18 on Wednesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. Magna International Inc. has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. The company’s 50 day moving average price is $41.51 and its two-hundred day moving average price is $42.82. The firm has a market capitalization of $12.69 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.70 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to analyst estimates of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.46 earnings per share. As a group, research analysts predict that Magna International Inc. will post 5.3 earnings per share for the current year.

Magna International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend is Friday, November 15th. Magna International’s dividend payout ratio is currently 50.80%.

Magna International 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.