Panagora Asset Management Inc. Lowers Position in Magna International Inc. (NYSE:MGA)

Panagora Asset Management Inc. cut its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 91.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 11,714 shares of the company’s stock after selling 126,930 shares during the quarter. Panagora Asset Management Inc.’s holdings in Magna International were worth $582,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. SevenBridge Financial Group LLC raised its stake in shares of Magna International by 223.3% in the second quarter. SevenBridge Financial Group LLC now owns 679 shares of the company’s stock worth $34,000 after purchasing an additional 469 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of Magna International in the second quarter worth approximately $34,000. Zions Bancorporation N.A. purchased a new stake in shares of Magna International in the first quarter worth approximately $42,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Magna International during the second quarter valued at approximately $87,000. Finally, Squar Milner Financial Services LLC increased its position in shares of Magna International by 5.7% during the first quarter. Squar Milner Financial Services LLC now owns 3,504 shares of the company’s stock valued at $170,000 after acquiring an additional 188 shares during the last quarter. 57.37% of the stock is owned by hedge funds and other institutional investors.

NYSE:MGA traded down $1.31 during trading hours on Friday, reaching $47.18. The stock had a trading volume of 34,983 shares, compared to its average volume of 1,098,373. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.84 and a current ratio of 1.21. The stock has a 50 day simple moving average of $48.54 and a 200 day simple moving average of $49.52. Magna International Inc. has a 12-month low of $42.51 and a 12-month high of $57.85. The stock has a market cap of $14.89 billion, a P/E ratio of 7.04, a price-to-earnings-growth ratio of 1.27 and a beta of 1.63.



Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Thursday, August 8th. The company reported $1.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.54 by $0.05. Magna International had a return on equity of 18.19% and a net margin of 6.35%. The business had revenue of $10.13 billion during the quarter, compared to the consensus estimate of $9.91 billion. During the same period last year, the business posted $1.67 earnings per share. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. On average, equities analysts expect that Magna International Inc. will post 6.26 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 23rd will be given a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Thursday, August 22nd. Magna International’s dividend payout ratio is currently 21.76%.

A number of analysts recently commented on MGA shares. TD Securities increased their price target on Magna International from $55.00 to $57.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Evercore ISI reaffirmed a “hold” rating and set a $52.00 price target on shares of Magna International in a research report on Sunday, August 11th. Citigroup decreased their price target on Magna International from $66.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Barclays reaffirmed a “hold” rating and set a $51.00 price target on shares of Magna International in a research report on Thursday, July 18th. Finally, Zacks Investment Research downgraded Magna International from a “hold” rating to a “sell” rating and set a $51.00 price target for the company. in a research report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Magna International has a consensus rating of “Hold” and an average target price of $57.56.

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.

Read More: How are Outstanding Shares Different from Authorized Shares?

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Institutional Ownership by Quarter for Magna International (NYSE:MGA)

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