Magna International Inc. (NYSE:MGA) Short Interest Up 67.3% in February

Magna International Inc. (NYSE:MGA) (TSE:MG) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 15,830,000 shares, a growth of 67.3% from the February 13th total of 9,460,000 shares. Currently, 6.0% of the shares of the company are sold short. Based on an average daily trading volume, of 1,740,000 shares, the days-to-cover ratio is currently 9.1 days.

Magna International Trading Up 2.7 %

Shares of MGA opened at $36.45 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77. Magna International has a 1-year low of $33.30 and a 1-year high of $56.12. The company has a market capitalization of $10.27 billion, a P/E ratio of 10.38, a P/E/G ratio of 0.63 and a beta of 1.65. The firm’s 50 day simple moving average is $38.88 and its 200 day simple moving average is $41.18.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $10.32 billion. During the same period in the previous year, the firm posted $1.33 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. Sell-side analysts forecast that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.485 dividend. This is a boost from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.32%. The ex-dividend date of this dividend was Friday, February 28th. Magna International’s dividend payout ratio is presently 55.27%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays dropped their price target on Magna International from $50.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. CIBC cut their target price on shares of Magna International from $44.00 to $36.50 and set a “neutral” rating for the company in a research report on Wednesday, March 5th. Scotiabank lowered 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, February 18th. Raymond James dropped their price target on shares of 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. Finally, Wells Fargo & Company reduced their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, December 16th. One equities research 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 data from MarketBeat, the company has an average rating of “Hold” and an average target price of $47.03.

Institutional Trading of Magna International

A number of hedge funds have recently bought and sold shares of the company. ARGA Investment Management LP grew its position in Magna International by 158.1% during the fourth quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock valued at $107,049,000 after acquiring an additional 1,568,953 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Magna International by 52.3% in the 4th quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock valued at $100,087,000 after purchasing an additional 822,375 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Magna International by 1.2% during the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after purchasing an additional 18,704 shares during the last quarter. Geode Capital Management LLC raised its position in Magna International by 32.2% in the 4th quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock worth $63,280,000 after purchasing an additional 371,437 shares during the period. Finally, Mufg Securities Canada LTD. lifted its stake in Magna International by 72.1% in the fourth quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock worth $17,228,000 after purchasing an additional 172,754 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

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.