Kendall Capital Management Acquires 240 Shares of Magna International Inc. (NYSE:MGA)

Kendall Capital Management lifted its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 0.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,354 shares of the company’s stock after buying an additional 240 shares during the quarter. Magna International comprises 1.4% of Kendall Capital Management’s portfolio, making the stock its 18th biggest holding. Kendall Capital Management’s holdings in Magna International were worth $1,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of MGA. QV Investors Inc. raised its position in shares of Magna International by 72.2% during the first quarter. QV Investors Inc. now owns 983,015 shares of the company’s stock worth $31,017,000 after acquiring an additional 412,032 shares during the last quarter. FDx Advisors Inc. bought a new position in shares of Magna International in the 1st quarter valued at about $2,599,000. Bank of New York Mellon Corp grew its position in shares of Magna International by 15.2% during the 1st quarter. Bank of New York Mellon Corp now owns 632,714 shares of the company’s stock worth $20,196,000 after buying an additional 83,704 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Magna International by 120.9% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 147,949 shares of the company’s stock worth $4,676,000 after buying an additional 80,987 shares during the last quarter. Finally, Schroder Investment Management Group lifted its holdings in Magna International by 5.0% in the first quarter. Schroder Investment Management Group now owns 1,601,624 shares of the company’s stock valued at $73,322,000 after buying an additional 76,073 shares during the period. Institutional investors and hedge funds own 56.72% of the company’s stock.

A number of research analysts have recently weighed in on MGA shares. KeyCorp increased their price target on Magna International from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Monday, April 13th. TD Securities increased their price target on Magna International from $44.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Credit Suisse Group lifted their price objective on Magna International from $50.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Morgan Stanley increased their target price on Magna International from $33.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 24th. Finally, Citigroup raised their target price on shares of Magna International from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $51.38.

MGA traded down $1.43 during trading hours on Friday, hitting $46.17. 626,748 shares of the company’s stock were exchanged, compared to its average volume of 656,765. The stock has a market cap of $13.78 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 13.06 and a beta of 1.64. Magna International Inc. has a 1-year low of $22.75 and a 1-year high of $57.09. The stock’s 50-day moving average is $45.41 and its two-hundred day moving average is $43.00. The company has a quick ratio of 0.81, a current ratio of 1.22 and a debt-to-equity ratio of 0.29.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.12. Magna International had a net margin of 2.45% and a return on equity of 14.75%. The firm had revenue of $8.66 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the business earned $1.63 EPS. The company’s revenue was down 18.3% compared to the same quarter last year. On average, equities research analysts anticipate that Magna International Inc. will post 1.08 EPS for the current year.

Magna International 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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