Magna International Inc. $MGA Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in Magna International Inc. (NYSE:MGA) (TSE:MG) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 53,502 shares of the company’s stock, valued at approximately $3,406,000.

Other hedge funds have also recently bought and sold shares of the company. Aviance Capital Partners LLC lifted its holdings in shares of Magna International by 3.4% in the third quarter. Aviance Capital Partners LLC now owns 34,692 shares of the company’s stock valued at $2,209,000 after purchasing an additional 1,139 shares in the last quarter. Vise Technologies Inc. lifted its stake in Magna International by 30.7% in the 3rd quarter. Vise Technologies Inc. now owns 14,505 shares of the company’s stock valued at $924,000 after buying an additional 3,407 shares in the last quarter. Cidel Asset Management Inc. acquired a new stake in Magna International during the 3rd quarter valued at $214,000. Founders Financial Securities LLC purchased a new position in Magna International during the third quarter worth $1,770,000. Finally, Shakespeare Wealth Management LLC acquired a new position in shares of Magna International in the third quarter worth $283,000. 67.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on MGA. Wall Street Zen downgraded shares of Magna International from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. BMO Capital Markets downgraded Magna International from an “outperform” rating to a “market perform” rating and cut their price target for the company from $76.00 to $70.00 in a report on Friday, September 18th. TD reduced their price target on Magna International from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Magna International in a research note on Tuesday, October 27th. Finally, Morgan Stanley reduced their target price on Magna International from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $68.73.

Magna International Stock Down 1.5%

NYSE MGA traded down $0.94 during mid-day trading on Friday, reaching $61.87. 862,840 shares of the company’s stock traded hands, compared to its average volume of 1,129,964. Magna International Inc. has a 1-year low of $45.33 and a 1-year high of $73.22. The company has a current ratio of 1.14, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. The company has a market cap of $16.06 billion, a price-to-earnings ratio of 19.83, a P/E/G ratio of 0.70 and a beta of 1.46. The company has a fifty day simple moving average of $64.64 and a 200-day simple moving average of $62.86.

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

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be issued a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, November 13th. Magna International’s dividend payout ratio is 63.46%.

Magna International Profile

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.