Augustine Asset Management Inc. Has $3,744,000 Stake in Magna International Inc. (MGA)
Augustine Asset Management Inc. decreased its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 0.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 87,185 shares of the company’s stock after selling 515 shares during the period. Magna International accounts for about 2.8% of Augustine Asset Management Inc.’s investment portfolio, making the stock its 11th largest position. Augustine Asset Management Inc.’s holdings in Magna International were worth $3,744,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in Magna International by 27.1% in the second quarter. Van ECK Associates Corp now owns 3,763 shares of the company’s stock valued at $132,000 after buying an additional 803 shares during the last quarter. Park National Corp OH boosted its stake in Magna International by 2.9% in the second quarter. Park National Corp OH now owns 7,827 shares of the company’s stock valued at $275,000 after buying an additional 220 shares during the last quarter. Ferguson Wellman Capital Management Inc. boosted its stake in Magna International by 7.5% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 7,850 shares of the company’s stock valued at $275,000 after buying an additional 550 shares during the last quarter. Manitou Investment Management Ltd. purchased a new stake in Magna International during the second quarter valued at about $302,000. Finally, Blair William & Co. IL purchased a new stake in Magna International during the second quarter valued at about $304,000. Hedge funds and other institutional investors own 58.40% of the company’s stock.
Shares of Magna International Inc. (NYSE:MGA) traded down 0.54% during mid-day trading on Wednesday, hitting $40.45. 1,477,281 shares of the stock traded hands. The stock has a market cap of $15.55 billion, a PE ratio of 7.95 and a beta of 1.64. The stock has a 50-day moving average of $40.46 and a 200 day moving average of $39.76. Magna International Inc. has a one year low of $30.41 and a one year high of $46.11.
Magna International (NYSE:MGA) last posted its quarterly earnings data on Thursday, November 3rd. The company reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.09. Magna International had a net margin of 5.67% and a return on equity of 20.72%. The company earned $8.85 billion during the quarter, compared to the consensus estimate of $8.57 billion. During the same quarter in the prior year, the company posted $1.13 EPS. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities analysts predict that Magna International Inc. will post $5.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Tuesday, November 22nd. Magna International’s dividend payout ratio (DPR) is presently 19.65%.
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A number of brokerages have weighed in on MGA. BMO Capital Markets reiterated a “hold” rating on shares of Magna International in a research report on Friday, November 4th. Citigroup Inc. lifted their price target on shares of Magna International from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Monday, August 8th. TD Securities reiterated a “buy” rating and set a $47.00 price target on shares of Magna International in a research report on Sunday, November 6th. Macquarie cut shares of Magna International from an “outperform” rating to a “neutral” rating in a research report on Wednesday, November 9th. Finally, Bank of America Corp. cut shares of Magna International from a “buy” rating to an “underperform” rating and dropped their price target for the company from $54.00 to $36.00 in a research report on Wednesday, November 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. Magna International has a consensus rating of “Buy” and a consensus target price of $49.82.
Magna International Company Profile
Magna International Inc (Magna) is an automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. Its product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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