Magna International Inc. (NYSE:MGA) Sees Large Decrease in Short Interest

Magna International Inc. (NYSE:MGA) (TSE:MG) was the recipient of a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 7,400,000 shares, a decline of 53.3% from the February 28th total of 15,830,000 shares. Currently, 2.8% of the company’s shares are short sold. Based on an average daily volume of 1,710,000 shares, the short-interest ratio is currently 4.3 days.

Magna International Stock Performance

Shares of Magna International stock traded down $0.98 during midday trading on Friday, hitting $34.00. The company had a trading volume of 1,654,827 shares, compared to its average volume of 1,720,084. The company has a fifty day simple moving average of $38.03 and a 200 day simple moving average of $40.87. The stock has a market cap of $9.58 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 0.63 and a beta of 1.65. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35. Magna International has a 12-month low of $33.30 and a 12-month high of $54.36.

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

Magna International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.485 per share. This is an increase from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, February 28th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.71%. Magna International’s payout ratio is 55.27%.

Institutional Investors Weigh In On Magna International

Large investors have recently bought and sold shares of the company. Avior Wealth Management LLC grew its holdings in Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after acquiring an additional 600 shares during the period. LRI Investments LLC boosted its position in Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in Magna International in the 4th quarter worth about $33,000. Lindbrook Capital LLC increased its stake in Magna International by 43.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $43,000 after buying an additional 312 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Magna International by 37.2% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock valued at $46,000 after acquiring an additional 301 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America lowered Magna International from a “buy” rating to a “neutral” rating and decreased their target price for the company from $52.00 to $48.00 in a research report on Tuesday, March 4th. Raymond James decreased their price objective on Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a report on Tuesday, February 18th. TD Securities dropped their target price on shares of Magna International from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Royal Bank of Canada reduced their price target on shares of Magna International from $52.00 to $51.00 and set an “outperform” rating for the company in a report on Tuesday, February 18th. Finally, UBS Group dropped their price objective on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Magna International presently has an average rating of “Hold” and an average price target of $47.03.

About Magna International

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.