Forsta AP Fonden Buys 14,200 Shares of Magna International Inc. (NYSE:MGA)

Forsta AP Fonden raised its stake in Magna International Inc. (NYSE:MGA - Free Report) TSE: MG by 20.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,300 shares of the company's stock after purchasing an additional 14,200 shares during the period. Forsta AP Fonden's holdings in Magna International were worth $3,462,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MGA. JARISLOWSKY FRASER Ltd increased its position in shares of 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 purchasing an additional 395,745 shares during the period. Russell Investments Group Ltd. increased its holdings in Magna International by 35.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company's stock valued at $60,118,000 after buying an additional 289,105 shares during the period. Quantbot Technologies LP raised its stake in shares of Magna International by 616.1% in the 2nd quarter. Quantbot Technologies LP now owns 132,688 shares of the company's stock valued at $5,560,000 after buying an additional 114,160 shares in the last quarter. Millennium Management LLC raised its stake in shares of Magna International by 135.5% in the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company's stock valued at $6,818,000 after buying an additional 93,637 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of Magna International by 1.9% during the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company's stock worth $67,426,000 after acquiring an additional 30,361 shares during the period. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on MGA. Bank of America dropped their price target on shares of Magna International from $65.00 to $62.00 and set a "buy" rating for the company in a research report on Monday, July 22nd. CIBC cut their target price on Magna International from $50.00 to $47.00 and set a "neutral" rating for the company in a research report on Tuesday, August 6th. BMO Capital Markets lowered their price target on Magna International from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Monday, July 22nd. Scotiabank cut their price objective on Magna International from $52.00 to $50.00 and set a "sector perform" rating for the company in a report on Tuesday, August 6th. Finally, Evercore ISI lowered their target price on shares of Magna International from $60.00 to $50.00 and set an "in-line" rating on the stock in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Magna International presently has a consensus rating of "Hold" and an average price target of $49.65.

Magna International Stock Down 3.1 %

NYSE:MGA opened at $41.62 on Wednesday. The company has a market cap of $11.96 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 0.67 and a beta of 1.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. The stock's fifty day moving average price is $41.37 and its two-hundred day moving average price is $43.33. Magna International Inc. has a 52-week low of $38.01 and a 52-week high of $60.32.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate 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 revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.50 EPS. On average, analysts anticipate that Magna International Inc. will post 5.4 EPS for the current year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis 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 53.98%.

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.