Magna International Inc. (NYSE:MGA) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lowered its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 17.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,243,356 shares of the company’s stock after selling 264,804 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.39% of Magna International worth $61,878,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. SevenBridge Financial Group LLC increased 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 acquiring an additional 469 shares during the period. Zions Bancorporation N.A. acquired a new stake in shares of Magna International in the first quarter worth $42,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Magna International in the second quarter worth $87,000. Squar Milner Financial Services LLC increased its stake in shares of Magna International by 5.7% in the first quarter. Squar Milner Financial Services LLC now owns 3,504 shares of the company’s stock worth $170,000 after acquiring an additional 188 shares during the period. Finally, Milestone Group Inc. acquired a new stake in shares of Magna International in the first quarter worth $210,000. Hedge funds and other institutional investors own 57.36% of the company’s stock.

NYSE MGA traded down $0.29 during mid-day trading on Friday, reaching $49.77. 1,075,460 shares of the stock were exchanged, compared to its average volume of 1,063,997. The business has a 50 day simple moving average of $48.68. Magna International Inc. has a 1 year low of $42.51 and a 1 year high of $57.85. The stock has a market cap of $15.73 billion, a P/E ratio of 7.42, a P/E/G ratio of 1.31 and a beta of 1.63. The company has a quick ratio of 0.87, a current ratio of 1.22 and a debt-to-equity ratio of 0.26.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly 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 net margin of 6.35% and a return on equity of 18.35%. The firm had revenue of $10.13 billion for the quarter, compared to the consensus estimate of $9.91 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. Equities analysts forecast that Magna International Inc. will post 6.25 EPS for the current year.

A number of analysts have recently weighed in on MGA shares. Credit Suisse Group started coverage on shares of Magna International in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $55.00 price objective on the stock. Wolfe Research lowered shares of Magna International from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, May 1st. Citigroup cut their price objective on shares of Magna International from $66.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Veritas Investment Research raised shares of Magna International from a “sell” rating to a “buy” rating in a report on Wednesday, June 19th. Finally, Seaport Global Securities initiated coverage on shares of Magna International in a report on Tuesday, April 16th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $56.60.

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.

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

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