Magna International Inc. $MGA Stock Sold by Pzena Investment Management LLC

Pzena Investment Management LLC cut its stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 11.1% in the 3rd quarter, Holdings Channel reports. The fund owned 21,234,280 shares of the company’s stock after selling 2,648,544 shares during the quarter. Magna International accounts for approximately 4.0% of Pzena Investment Management LLC’s portfolio, making the stock its 4th biggest position. Pzena Investment Management LLC owned approximately 0.08% of Magna International worth $1,351,987,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MGA. Integrity Alliance LLC. boosted its stake in shares of Magna International by 43.1% in the third quarter. Integrity Alliance LLC. now owns 5,801 shares of the company’s stock valued at $369,000 after buying an additional 1,746 shares in the last quarter. ARGA Investment Management LP grew its position in shares of Magna International by 11.0% in the third quarter. ARGA Investment Management LP now owns 4,030,060 shares of the company’s stock valued at $256,706,000 after purchasing an additional 397,793 shares during the last quarter. MBA Advisors LLC acquired a new stake in Magna International during the 3rd quarter valued at $291,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Magna International during the 3rd quarter worth about $3,406,000. Finally, Aviance Capital Partners LLC grew its holdings in shares of Magna International by 3.4% during the third quarter. Aviance Capital Partners LLC now owns 34,692 shares of the company’s stock worth $2,209,000 after buying an additional 1,139 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Stock Up 4.3%

Shares of NYSE:MGA opened at $65.65 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.88 and a current ratio of 1.14. Magna International Inc. has a 1 year low of $45.33 and a 1 year high of $73.22. The stock has a market capitalization of $17.04 billion, a P/E ratio of 8.69, a PEG ratio of 0.67 and a beta of 1.46. The stock has a 50-day simple moving average of $64.78 and a 200-day simple moving average of $62.78.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, October 30th. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.58 by $0.25. Magna International had a net margin of 1.99% and a return on equity of 16.26%. The firm had revenue of $9.86 billion for the quarter, compared to analyst estimates of $10.01 billion. During the same quarter last year, the firm posted $1.33 earnings per share. Magna International’s revenue for the quarter was down 3.9% compared to the same quarter last year. Equities analysts forecast that Magna International Inc. will post 7.07 earnings per share for the current year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be issued a dividend of $0.4950 per share. This represents a $1.98 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, November 13th. Magna International’s dividend payout ratio (DPR) is presently 63.46%.

Wall Street Analysts Forecast Growth

MGA has been the subject of several analyst reports. Royal Bank Of Canada dropped their target price on Magna International from $68.00 to $66.00 and set a “sector perform” rating for the company in a research note on Monday. Morgan Stanley lowered their target price on shares of Magna International from $69.00 to $68.00 and set an “equal weight” rating for the company in a report on Thursday, October 15th. Canadian Imperial Bank of Commerce lowered shares of Magna International from an “outperformer” rating to a “hold” rating and dropped their price target for the stock from $78.00 to $70.00 in a research report on Wednesday, October 21st. BMO Capital Markets downgraded shares of Magna International from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $76.00 to $70.00 in a research note on Friday, September 18th. Finally, Wells Fargo & Company lifted their price target on shares of Magna International from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.73.

About Magna International

Magna International Inc is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.