Short Interest in Magna International Inc. (NYSE:MGA) Increases By 57.4%

Magna International Inc. (NYSE:MGA) (TSE:MG) was the recipient of a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 9,460,000 shares, a growth of 57.4% from the January 31st total of 6,010,000 shares. Based on an average daily volume of 1,660,000 shares, the days-to-cover ratio is currently 5.7 days. Approximately 3.5% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group reduced their target price on Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Raymond James reduced their target price on Magna International from $53.00 to $50.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 18th. Barclays decreased their price target on shares of Magna International from $50.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. TD Securities dropped their target price on Magna International from $50.00 to $47.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Finally, CIBC raised their price target on shares of Magna International from $46.00 to $51.00 in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Magna International presently has an average rating of “Hold” and a consensus price target of $48.88.

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently bought and sold shares of MGA. Janney Montgomery Scott LLC grew its holdings in shares of Magna International by 11.4% in the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock worth $8,644,000 after purchasing an additional 21,532 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Magna International by 6.6% in the third quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock valued at $517,000 after purchasing an additional 766 shares during the period. Kennebec Savings Bank bought a new position in Magna International in the third quarter worth approximately $32,000. Strengthening Families & Communities LLC increased its holdings in Magna International by 10.7% during the 3rd quarter. Strengthening Families & Communities LLC now owns 43,484 shares of the company’s stock worth $1,785,000 after purchasing an additional 4,209 shares during the period. Finally, Quantbot Technologies LP raised its position in Magna International by 12.5% during the 3rd quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock valued at $6,128,000 after purchasing an additional 16,639 shares in the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Trading Down 1.8 %

MGA stock traded down $0.68 during mid-day trading on Friday, reaching $36.43. 1,931,905 shares of the stock traded hands, compared to its average volume of 1,780,264. Magna International has a one year low of $35.05 and a one year high of $56.12. The stock has a market capitalization of $10.28 billion, a PE ratio of 10.38, a PEG ratio of 0.63 and a beta of 1.61. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. The business has a 50-day moving average price of $39.96 and a two-hundred day moving average price of $41.52.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. During the same period in the prior year, the company posted $1.33 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts expect that Magna International will post 5.87 EPS for the current year.

Magna International Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 5.33%. The ex-dividend date of this dividend is Friday, February 28th. This is an increase from Magna International’s previous quarterly dividend of $0.48. Magna International’s dividend payout ratio is 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.