AGF Management Ltd. Sells 157,165 Shares of Magna International Inc. (NYSE:MGA)

AGF Management Ltd. cut its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 68.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 73,430 shares of the company’s stock after selling 157,165 shares during the period. AGF Management Ltd.’s holdings in Magna International were worth $3,069,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Avior Wealth Management LLC boosted its holdings in shares of Magna International by 2,400.0% in the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after acquiring an additional 600 shares during the period. Lindbrook Capital LLC lifted its holdings in Magna International by 43.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $43,000 after purchasing an additional 312 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Magna International by 37.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock worth $46,000 after purchasing an additional 301 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in Magna International by 88.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,113 shares of the company’s stock valued at $88,000 after buying an additional 992 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Magna International during the fourth quarter valued at about $213,000. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on MGA. Scotiabank reduced their price objective on shares of Magna International from $49.00 to $45.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 18th. Wells Fargo & Company reduced their price target on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, December 16th. Wolfe Research upgraded Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. 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 research report on Tuesday, February 18th. Finally, CIBC decreased their target price on Magna International from $44.00 to $36.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 5th. 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $47.03.

Magna International Stock Down 1.0 %

Shares of NYSE MGA opened at $36.43 on Thursday. The company has a market cap of $10.28 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 0.63 and a beta of 1.65. 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 $39.20 and its 200 day moving average is $41.31. Magna International Inc. has a 52 week low of $33.30 and a 52 week high of $56.12.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results 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. The company had revenue of $10.63 billion during 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%. Magna International’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 earnings per share. On average, equities research analysts expect that Magna International Inc. will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date 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 currently 55.27%.

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.