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

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG saw a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 7,400,000 shares, a decrease of 53.3% from the February 28th total of 15,830,000 shares. Based on an average daily volume of 1,710,000 shares, the days-to-cover ratio is currently 4.3 days. Approximately 2.8% of the company's shares are short sold.

Hedge Funds Weigh In On Magna International

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Raymond James cut their price target on shares of Magna International from $53.00 to $50.00 and set a "market perform" rating on the stock in a research report on Tuesday, February 18th. Morgan Stanley dropped their price target on Magna International from $43.00 to $40.00 and set an "equal weight" rating on the stock in a research note on Monday, March 3rd. Royal Bank of Canada cut their price objective on shares of Magna International from $52.00 to $51.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 18th. CIBC reduced their price target on Magna International from $44.00 to $36.50 and set a "neutral" rating for the company in a research report on Wednesday, March 5th. Finally, The Goldman Sachs Group cut Magna International from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $42.00 to $41.00 in a report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $47.03.

Magna International Price Performance

Shares of MGA traded up $0.31 during trading hours on Tuesday, hitting $34.30. 557,045 shares of the company were exchanged, compared to its average volume of 1,716,456. The company has a market cap of $9.66 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 0.63 and a beta of 1.65. Magna International has a fifty-two week low of $33.28 and a fifty-two week high of $54.36. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35. The firm's fifty day moving average is $37.90 and its 200 day moving average is $40.85.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its earnings results on Friday, February 14th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.46 by $0.23. The firm had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The business's quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm earned $1.33 EPS. On average, equities analysts anticipate that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend was Friday, February 28th. This is an increase from Magna International's previous quarterly dividend of $0.48. Magna International's dividend payout ratio (DPR) is currently 55.27%.

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.