ARGA Investment Management LP Acquires New Holdings in Magna International Inc. (NYSE:MGA)

ARGA Investment Management LP bought a new position in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 992,538 shares of the company's stock, valued at approximately $40,710,000. Magna International comprises about 1.3% of ARGA Investment Management LP's investment portfolio, making the stock its 21st biggest holding. ARGA Investment Management LP owned about 0.35% of Magna International at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in shares of Magna International during the 1st quarter worth approximately $36,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Magna International during the second quarter valued at $28,000. Kennebec Savings Bank purchased a new position in shares of Magna International in the 3rd quarter worth $32,000. Grove Bank & Trust increased its holdings in shares of Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company's stock worth $34,000 after buying an additional 343 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its position in shares of Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company's stock valued at $46,000 after buying an additional 513 shares in the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the company. StockNews.com upgraded Magna International from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Morgan Stanley cut Magna International from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $55.00 to $43.00 in a report on Wednesday, September 25th. Wolfe Research restated an "underperform" rating on shares of Magna International in a report on Thursday, September 5th. Raymond James dropped their price objective on shares of Magna International from $57.00 to $53.00 and set a "market perform" rating for the company in a research note on Tuesday, August 6th. Finally, TD Securities cut their price objective on shares of Magna International from $53.00 to $52.00 and set a "buy" rating on the stock in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Magna International has a consensus rating of "Hold" and an average target price of $49.76.

Magna International Trading Up 0.4 %

MGA traded up $0.19 during trading on Friday, hitting $45.14. 924,253 shares of the stock were exchanged, compared to its average volume of 1,816,342. Magna International Inc. has a 1 year low of $38.01 and a 1 year high of $60.32. The firm has a market cap of $12.97 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 0.83 and a beta of 1.59. The firm has a 50 day simple moving average of $42.51 and a 200 day simple moving average of $42.54. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its quarterly earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The firm had revenue of $10.28 billion for the quarter, compared to analysts' expectations of $10.34 billion. During the same quarter in the prior year, the business posted $1.46 EPS. The business's quarterly revenue was down 3.8% on a year-over-year basis. As a group, equities analysts expect that Magna International Inc. will post 5.22 EPS for the current year.

Magna International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.21%. Magna International's dividend payout ratio is presently 50.80%.

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.