Regent Investment Management LLC lowered its position in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 10.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,550 shares of the company’s stock after selling 900 shares during the period. Regent Investment Management LLC’s holdings in Magna International were worth $367,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nordea Investment Management AB acquired a new stake in shares of Magna International during the third quarter worth about $3,610,000. Cardinal Capital Management Inc. increased its position in shares of Magna International by 5.3% during the fourth quarter. Cardinal Capital Management Inc. now owns 639,126 shares of the company’s stock worth $29,020,000 after purchasing an additional 32,185 shares in the last quarter. MU Investments Co. Ltd. increased its position in shares of Magna International by 17.9% during the fourth quarter. MU Investments Co. Ltd. now owns 119,700 shares of the company’s stock worth $5,271,000 after purchasing an additional 18,200 shares in the last quarter. Financial Gravity Companies Inc. purchased a new position in shares of Magna International during the fourth quarter worth about $36,000. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Magna International by 760.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 33,662 shares of the company’s stock worth $1,530,000 after buying an additional 29,749 shares during the last quarter. Institutional investors and hedge funds own 60.04% of the company’s stock.
A number of equities analysts recently issued reports on MGA shares. Citigroup raised their price target on Magna International from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. TD Securities raised Magna International from a “hold” rating to a “buy” rating and raised their price target for the stock from $58.00 to $60.00 in a report on Thursday, January 10th. Wells Fargo & Co reissued a “buy” rating and set a $63.00 price target (up previously from $62.00) on shares of Magna International in a report on Friday, February 22nd. BMO Capital Markets reissued a “buy” rating and set a $64.00 price target on shares of Magna International in a report on Friday, February 22nd. Finally, Zacks Investment Research raised Magna International from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $64.09.
Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, February 22nd. The company reported $1.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.60 by $0.03. The business had revenue of $10.14 billion for the quarter, compared to analyst estimates of $10.15 billion. Magna International had a return on equity of 20.00% and a net margin of 5.62%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.57 EPS. Analysts expect that Magna International Inc. will post 6.98 EPS for the current fiscal year.
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Magna International Company Profile
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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