Magna International Inc. (NYSE:MGA) Short Interest Update

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG was the recipient of a large decrease in short interest during the month of January. As of January 15th, there was short interest totalling 6,020,000 shares, a decrease of 13.0% from the December 31st total of 6,920,000 shares. Based on an average daily volume of 1,520,000 shares, the days-to-cover ratio is presently 4.0 days. Currently, 2.2% of the shares of the company are sold short.

Magna International Stock Performance

Shares of MGA traded up $1.24 during mid-day trading on Wednesday, hitting $39.00. 1,814,311 shares of the company's stock were exchanged, compared to its average volume of 1,552,381. The firm has a market cap of $11.03 billion, a price-to-earnings ratio of 10.43, a price-to-earnings-growth ratio of 0.62 and a beta of 1.61. Magna International has a 52 week low of $35.05 and a 52 week high of $59.37. The company has a quick ratio of 0.77, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The stock's 50-day simple moving average is $42.18 and its 200-day simple moving average is $41.92.

Wall Street Analyst Weigh In

MGA has been the topic of a number of analyst reports. CIBC upped their price target on Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. Wells Fargo & Company dropped their target price on shares of Magna International from $46.00 to $44.00 and set an "equal weight" rating for the company in a research report on Monday, December 16th. Wolfe Research upgraded shares of Magna International from an "underperform" rating to a "peer perform" rating in a report on Thursday, December 5th. StockNews.com upgraded shares of Magna International from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Finally, UBS Group raised their price objective on Magna International from $44.00 to $45.00 and gave the stock a "neutral" rating in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Magna International presently has an average rating of "Hold" and a consensus target price of $50.24.

Institutional Investors Weigh In On Magna International

Hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank grew its position in shares of Magna International by 1.2% in the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company's stock valued at $66,810,000 after buying an additional 18,704 shares during the last quarter. Quantbot Technologies LP increased its position in Magna International by 12.5% during the 3rd quarter. Quantbot Technologies LP now owns 149,327 shares of the company's stock valued at $6,128,000 after purchasing an additional 16,639 shares during the period. DGS Capital Management LLC raised its holdings in Magna International by 111.0% during the 4th quarter. DGS Capital Management LLC now owns 21,048 shares of the company's stock worth $880,000 after purchasing an additional 11,072 shares during the last quarter. Geode Capital Management LLC raised its holdings in 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 last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Magna International by 37.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company's stock worth $46,000 after purchasing an additional 301 shares during the period. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company 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.