Magna International Inc. (NYSE:MGA) Shares Sold by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. reduced its stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,495 shares of the company’s stock after selling 2,950 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Magna International were worth $3,319,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MGA. Forsta AP Fonden grew its holdings in Magna International by 20.3% during the 3rd quarter. Forsta AP Fonden now owns 84,300 shares of the company’s stock worth $3,462,000 after acquiring an additional 14,200 shares in the last quarter. Arkadios Wealth Advisors bought a new position in shares of Magna International in the 3rd quarter worth about $216,000. Janney Montgomery Scott LLC lifted its position in shares of Magna International by 11.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock worth $8,644,000 after buying an additional 21,532 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Magna International by 6.6% in the 3rd quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock worth $517,000 after buying an additional 766 shares during the last quarter. Finally, Kennebec Savings Bank bought a new position in shares of Magna International in the 3rd quarter worth about $32,000. 67.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MGA has been the topic of a number of recent research reports. Scotiabank reduced their price target on shares of Magna International from $49.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Evercore ISI reduced their price target on shares of Magna International from $50.00 to $45.00 and set an “in-line” rating on the stock in a research report on Tuesday. Royal Bank of Canada cut their price objective on shares of Magna International from $52.00 to $51.00 and set an “outperform” rating on the stock in a research report on Tuesday. Wells Fargo & Company cut their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, December 16th. Finally, The Goldman Sachs Group downgraded shares of Magna International from a “neutral” rating to a “sell” rating and cut their price objective for the company from $42.00 to $41.00 in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $48.88.

Magna International Stock Performance

Shares of MGA opened at $38.06 on Wednesday. The firm’s 50 day moving average is $40.99 and its 200-day moving average is $41.61. The stock has a market capitalization of $10.77 billion, a P/E ratio of 10.84, a P/E/G ratio of 0.59 and a beta of 1.61. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. Magna International Inc. has a 12-month low of $35.05 and a 12-month high of $56.12.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.23. The company had revenue of $10.63 billion for the quarter, compared to analysts’ expectations of $10.32 billion. Magna International had a net margin of 2.36% and a return on equity of 12.71%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS. Equities research analysts anticipate that Magna International Inc. will post 6.1 EPS for the current fiscal year.

Magna International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a $0.485 dividend. This is an increase from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 5.10%. The ex-dividend date is Friday, February 28th. Magna International’s dividend payout ratio (DPR) is 54.13%.

Magna International 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.