AGF Management Ltd. Sells 157,165 Shares of Magna International Inc. (NYSE:MGA)

AGF Management Ltd. lessened its stake in Magna International Inc. (NYSE:MGA) (TSE:MG) by 68.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,430 shares of the company’s stock after selling 157,165 shares during the period. AGF Management Ltd.’s holdings in Magna International were worth $3,069,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MGA. Avior Wealth Management LLC increased its position in Magna International by 2,400.0% during the 4th quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock valued at $26,000 after purchasing an additional 600 shares during the period. Lindbrook Capital LLC raised its stake in Magna International by 43.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $43,000 after buying an additional 312 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Magna International by 37.2% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock valued at $46,000 after buying an additional 301 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in Magna International by 88.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,113 shares of the company’s stock valued at $88,000 after buying an additional 992 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in Magna International during the fourth quarter valued at $213,000. 67.49% of the stock is currently owned by institutional investors.

Magna International Stock Down 1.0 %

MGA stock opened at $36.43 on Thursday. The stock has a market cap of $10.28 billion, a P/E ratio of 10.38, a P/E/G ratio of 0.63 and a beta of 1.65. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $39.20 and its two-hundred day simple moving average is $41.31. Magna International Inc. has a 1-year low of $33.30 and a 1-year high of $56.12.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.23. The company had revenue of $10.63 billion during the quarter, compared to analyst estimates of $10.32 billion. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 earnings per share. Analysts expect that Magna International Inc. will post 5.87 EPS for the current year.

Magna International Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 5.33%. This is a positive change from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Friday, February 28th. Magna International’s dividend payout ratio is 55.27%.

Wall Street Analysts Forecast Growth

MGA has been the topic of a number of recent analyst reports. The Goldman Sachs Group downgraded Magna International from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $42.00 to $41.00 in a research note on Wednesday, December 11th. Raymond James dropped their price target on Magna International from $53.00 to $50.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 18th. Morgan Stanley reduced their price objective on shares of Magna International from $43.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. UBS Group dropped their target price on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 18th. Finally, Barclays decreased their price target on shares of Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $47.03.

Magna International Profile

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.