Geode Capital Management LLC Increases Holdings in Magna International Inc. (NYSE:MGA)

Geode Capital Management LLC boosted its position in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 32.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,523,196 shares of the company's stock after buying an additional 371,437 shares during the quarter. Geode Capital Management LLC owned approximately 0.54% of Magna International worth $63,280,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new stake in Magna International in the third quarter worth $1,040,000. DGS Capital Management LLC raised its holdings in shares of Magna International by 25.5% in the 3rd quarter. DGS Capital Management LLC now owns 9,976 shares of the company's stock valued at $409,000 after purchasing an additional 2,027 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted 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 worth $46,000 after acquiring an additional 301 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in shares of 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 in the last quarter. Finally, SG Americas Securities LLC grew its stake in Magna International by 29.3% during the fourth quarter. SG Americas Securities LLC now owns 48,643 shares of the company's stock worth $2,033,000 after buying an additional 11,015 shares in the last quarter. Institutional investors own 67.49% of the company's stock.

Magna International Price Performance

Shares of MGA stock traded up $0.08 during mid-day trading on Friday, hitting $32.23. The company had a trading volume of 2,068,127 shares, compared to its average volume of 1,760,470. The company has a market capitalization of $9.08 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.63 and a beta of 1.56. The stock's 50 day moving average price is $35.74 and its 200-day moving average price is $39.93. Magna International Inc. has a 52-week low of $30.39 and a 52-week high of $50.18. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its quarterly earnings data 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 return on equity of 12.78% and a net margin of 2.36%. The business had revenue of $10.63 billion for the quarter, compared to the consensus estimate of $10.32 billion. During the same quarter in the previous year, the company posted $1.33 EPS. The company's revenue was up 1.7% compared to the same quarter last year. Equities research analysts forecast that Magna International Inc. will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.485 per share. This is a positive change from Magna International's previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 6.02%. The ex-dividend date was Friday, February 28th. Magna International's dividend payout ratio (DPR) is currently 55.27%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MGA shares. Scotiabank lowered their price objective on Magna International from $49.00 to $45.00 and set a "sector perform" rating for the company in a research report on Tuesday, February 18th. Royal Bank of Canada downgraded Magna International from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from $51.00 to $32.00 in a research note on Friday, April 11th. Morgan Stanley cut their price objective on Magna International from $43.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Monday, March 3rd. Bank of America downgraded shares of Magna International from a "buy" rating to a "neutral" rating and cut their price target for the stock from $52.00 to $48.00 in a report on Tuesday, March 4th. Finally, Raymond James reduced their target price on shares of Magna International from $53.00 to $50.00 and set a "market perform" rating for the company in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $44.32.

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.