Magna International Inc. (NYSE:MGA) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC cut its position in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 31.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 167,049 shares of the company's stock after selling 77,806 shares during the period. ARK Investment Management LLC owned approximately 0.06% of Magna International worth $6,856,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its stake in Magna International by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company's stock worth $72,000 after purchasing an additional 319 shares during the period. Grove Bank & Trust raised its stake in shares of Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company's stock valued at $34,000 after acquiring an additional 343 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Magna International by 84.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company's stock valued at $46,000 after acquiring an additional 513 shares during the period. LRI Investments LLC purchased a new stake in shares of Magna International in the 1st quarter valued at approximately $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Magna International in the 2nd quarter valued at approximately $28,000. 67.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MGA. JPMorgan Chase & Co. reduced their price target on shares of Magna International from $63.00 to $55.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 6th. Evercore reduced their price target on shares of Magna International from $60.00 to $50.00 and set an "in-line" rating on the stock in a research note on Monday, July 15th. Raymond James reduced their price target on shares of Magna International from $57.00 to $53.00 and set a "market perform" rating on the stock in a research note on Tuesday, August 6th. UBS Group increased their target price on shares of Magna International from $44.00 to $45.00 and gave the stock a "neutral" rating in a report on Monday. Finally, Citigroup reduced their target price on shares of Magna International from $52.00 to $47.00 and set a "neutral" rating on the stock in a report on Friday, July 12th. One equities 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 stock. Based on data from MarketBeat.com, Magna International currently has a consensus rating of "Hold" and a consensus target price of $49.76.

Magna International Stock Performance

Shares of Magna International stock traded up $0.22 on Friday, hitting $43.38. The stock had a trading volume of 1,301,099 shares, compared to its average volume of 1,591,763. Magna International Inc. has a 52-week low of $38.01 and a 52-week high of $60.32. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The stock has a market cap of $12.46 billion, a price-to-earnings ratio of 11.54, a P/E/G ratio of 0.68 and a beta of 1.59. The company's 50 day moving average price is $41.37 and its 200 day moving average price is $43.02.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its earnings results on Friday, November 1st. The company reported $1.28 earnings per share 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 during the quarter, compared to analysts' expectations of $10.34 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The firm's revenue for the quarter was down 3.8% on a year-over-year basis. On average, research analysts anticipate that Magna International Inc. will post 5.3 EPS for the current year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.38%. The ex-dividend date is Friday, November 15th. Magna International's dividend payout ratio (DPR) is presently 50.80%.

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.