Magna International Inc. (NYSE:MGA) Short Interest Update

Magna International Inc. (NYSE:MGA) (TSE:MG) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 9,820,000 shares, a decrease of 31.6% from the August 15th total of 14,360,000 shares. Currently, 3.7% of the company’s stock are sold short. Based on an average trading volume of 1,590,000 shares, the days-to-cover ratio is currently 6.2 days.

Institutional Investors Weigh In On Magna International

A number of institutional investors have recently modified their holdings of the stock. Systematic Financial Management LP raised its stake in Magna International by 6.0% during the second quarter. Systematic Financial Management LP now owns 41,695 shares of the company’s stock worth $1,747,000 after acquiring an additional 2,355 shares during the period. Millennium Management LLC raised its stake in Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after acquiring an additional 93,637 shares during the period. Toronto Dominion Bank raised its stake in Magna International by 1.9% during the second 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. Boston Research & Management Inc. raised its stake in Magna International by 18.5% during the second quarter. Boston Research & Management Inc. now owns 66,360 shares of the company’s stock worth $2,780,000 after acquiring an additional 10,345 shares during the period. Finally, JARISLOWSKY FRASER Ltd raised 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 worth $299,543,000 after acquiring an additional 395,745 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

Analyst Upgrades and Downgrades

MGA has been the topic of several recent analyst reports. Evercore dropped their target price on Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, July 15th. UBS Group dropped their target price on Magna International from $51.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Citigroup dropped their target price on Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Royal Bank of Canada dropped their target price on Magna International from $57.00 to $47.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. Finally, Raymond James dropped their target price on Magna International from $57.00 to $53.00 and set a “market perform” rating on the stock in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.06.

Magna International Stock Down 0.1 %

Magna International stock traded down $0.05 during trading on Monday, reaching $40.15. 1,736,820 shares of the company’s stock were exchanged, compared to its average volume of 1,624,641. The company’s 50-day moving average is $41.78 and its two-hundred day moving average is $45.93. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. Magna International has a 52-week low of $38.01 and a 52-week high of $60.32. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 0.60 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $11.01 billion. During the same period last year, the company posted $1.50 earnings per share. The firm’s revenue for the quarter was down .2% on a year-over-year basis. On average, analysts predict that Magna International will post 5.58 earnings per share for the current year.

Magna International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.475 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.73%. Magna International’s dividend payout ratio (DPR) is presently 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.