Magna International Inc. (NYSE:MGA) (TSE:MG) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 2,213,830 shares, a drop of 33.5% from the January 15th total of 3,329,913 shares. Based on an average daily volume of 1,069,298 shares, the short-interest ratio is presently 2.1 days.

A number of research firms recently weighed in on MGA. Zacks Investment Research downgraded shares of Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, January 24th. TD Securities decreased their target price on shares of Magna International from $60.00 to $59.00 and set a “buy” rating for the company in a research report on Wednesday, January 16th. ValuEngine raised shares of Magna International from a “sell” rating to a “hold” rating in a research report on Thursday, January 10th. Barclays reaffirmed a “hold” rating and issued a $50.00 target price on shares of Magna International in a research report on Sunday, January 6th. Finally, KeyCorp began coverage on shares of Magna International in a research report on Monday, December 10th. They issued a “sector weight” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $64.69.

Several institutional investors and hedge funds have recently made changes to their positions in the company. CLARET ASSET MANAGEMENT Corp grew its position in shares of Magna International by 3.0% in the 4th quarter. CLARET ASSET MANAGEMENT Corp now owns 8,573 shares of the company’s stock valued at $390,000 after acquiring an additional 247 shares during the period. Comerica Bank grew its position in shares of Magna International by 2.1% in the 4th quarter. Comerica Bank now owns 21,642 shares of the company’s stock valued at $1,124,000 after acquiring an additional 440 shares during the period. Cigna Investments Inc. New grew its position in shares of Magna International by 11.2% in the 4th quarter. Cigna Investments Inc. New now owns 4,498 shares of the company’s stock valued at $204,000 after acquiring an additional 452 shares during the period. Tocqueville Asset Management L.P. grew its position in shares of Magna International by 8.9% in the 4th quarter. Tocqueville Asset Management L.P. now owns 5,738 shares of the company’s stock valued at $261,000 after acquiring an additional 469 shares during the period. Finally, Parallel Advisors LLC grew its position in shares of Magna International by 50.5% in the 4th quarter. Parallel Advisors LLC now owns 1,461 shares of the company’s stock valued at $66,000 after acquiring an additional 490 shares during the period. 60.20% of the stock is owned by institutional investors.

Shares of MGA opened at $52.00 on Friday. Magna International has a one year low of $42.88 and a one year high of $67.47. The stock has a market capitalization of $17.13 billion, a PE ratio of 8.72, a PEG ratio of 0.88 and a beta of 1.42. The company has a quick ratio of 0.86, a current ratio of 1.19 and a debt-to-equity ratio of 0.27.

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About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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