Toronto Dominion Bank boosted its position in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 1.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,627,927 shares of the company's stock after acquiring an additional 18,704 shares during the quarter. Toronto Dominion Bank owned 0.57% of Magna International worth $66,810,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in MGA. Geode Capital Management LLC grew its holdings in shares of Magna International by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company's stock worth $46,799,000 after purchasing an additional 32,000 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Magna International during the third quarter valued at approximately $1,040,000. ARGA Investment Management LP acquired a new position in Magna International during the third quarter valued at approximately $40,710,000. BNP Paribas Financial Markets increased its position in shares of Magna International by 117,113.9% in the third quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company's stock worth $3,464,000 after acquiring an additional 84,322 shares in the last quarter. Finally, Quantbot Technologies LP raised its stake in shares of Magna International by 12.5% in the 3rd quarter. Quantbot Technologies LP now owns 149,327 shares of the company's stock valued at $6,128,000 after acquiring an additional 16,639 shares during the period. Hedge funds and other institutional investors own 67.49% of the company's stock.
A number of analysts recently weighed in on the stock. Wolfe Research raised shares of Magna International from an "underperform" rating to a "peer perform" rating in a research report on Thursday, December 5th. TD Securities decreased their target price on Magna International from $53.00 to $52.00 and set a "buy" rating for the company in a research report on Monday, September 30th. UBS Group raised their target price on Magna International from $44.00 to $45.00 and gave the company a "neutral" rating in a report on Monday, November 4th. The Goldman Sachs Group decreased their price target on Magna International from $44.00 to $41.00 and set a "neutral" rating for the company in a report on Tuesday, October 1st. Finally, Scotiabank lifted their price objective on shares of Magna International from $50.00 to $52.00 and gave the company a "sector perform" rating in a research note on Monday, November 4th. Fourteen analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $49.76.
View Our Latest Report on MGA
MGA stock opened at $45.71 on Wednesday. The stock's 50 day simple moving average is $43.05 and its 200 day simple moving average is $42.50. Magna International Inc. has a 12-month low of $38.01 and a 12-month high of $60.32. The firm has a market cap of $13.13 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.83 and a beta of 1.61. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39.
Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($0.20). Magna International had a return on equity of 11.88% and a net margin of 2.52%. The business had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same period last year, the company posted $1.46 earnings per share. The firm's revenue for the quarter was down 3.8% on a year-over-year basis. As a group, equities research analysts predict that Magna International Inc. will post 5.22 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.475 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a yield of 4.16%. Magna International's payout ratio is currently 50.80%.
Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.
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