Millennium Management LLC Acquires 93,637 Shares of Magna International Inc. (NYSE:MGA)

Millennium Management LLC raised its position in shares of Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 135.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,739 shares of the company's stock after purchasing an additional 93,637 shares during the period. Millennium Management LLC owned 0.06% of Magna International worth $6,818,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. JARISLOWSKY FRASER Ltd increased its stake in Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company's stock valued at $299,543,000 after acquiring an additional 395,745 shares during the period. Russell Investments Group Ltd. increased its position in shares of Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company's stock valued at $60,118,000 after purchasing an additional 289,105 shares during the period. Quantbot Technologies LP raised its stake in shares of Magna International by 616.1% in the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company's stock valued at $5,560,000 after purchasing an additional 114,160 shares in the last quarter. Toronto Dominion Bank lifted its position in Magna International by 1.9% in the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company's stock worth $67,426,000 after purchasing an additional 30,361 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in Magna International by 202.7% in the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company's stock worth $1,433,000 after purchasing an additional 17,611 shares during the period. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MGA. BMO Capital Markets lowered their price target on shares of Magna International from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Monday, July 22nd. The Goldman Sachs Group dropped their price target on shares of Magna International from $44.00 to $41.00 and set a "neutral" rating for the company in a research report on Tuesday, October 1st. Wolfe Research restated an "underperform" rating on shares of Magna International in a research note on Thursday, September 5th. Raymond James lowered their price objective on 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. Finally, Royal Bank of Canada dropped their target price on Magna International from $57.00 to $47.00 and set a "sector perform" rating for the company in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $49.94.

Magna International Trading Up 0.8 %

Shares of MGA stock traded up $0.34 during trading hours on Friday, reaching $41.61. The company had a trading volume of 70,371 shares, compared to its average volume of 1,586,029. Magna International Inc. has a 1-year low of $38.01 and a 1-year high of $60.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. The firm has a market cap of $11.96 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 0.64 and a beta of 1.59. The company has a 50 day moving average of $40.79 and a 200 day moving average of $44.37.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its quarterly earnings data on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts' consensus estimates of $1.46 by ($0.11). The firm had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. Magna International's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.50 EPS. On average, equities research analysts anticipate that Magna International Inc. will post 5.49 EPS for the current year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 4.57%. The ex-dividend date of this dividend was Friday, August 16th. Magna International's dividend payout ratio (DPR) is presently 55.39%.

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.