Magna International Inc. (NYSE:MGA) Shares Bought by Grove Bank & Trust

Grove Bank & Trust raised its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 70.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 830 shares of the company’s stock after purchasing an additional 343 shares during the period. Grove Bank & Trust’s holdings in Magna International were worth $34,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MGA. Sunbelt Securities Inc. boosted its holdings in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after buying an additional 523 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of Magna International during the first quarter worth approximately $36,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Magna International in the 2nd quarter valued at $28,000. Dixon Mitchell Investment Counsel Inc. purchased a new position in Magna International in the 1st quarter valued at $49,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after purchasing an additional 513 shares during the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Magna International Stock Performance

NYSE:MGA opened at $41.04 on Wednesday. The stock has a market capitalization of $11.79 billion, a P/E ratio of 11.66, a PEG ratio of 0.64 and a beta of 1.59. 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 Inc. has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. The company has a 50 day moving average price of $40.86 and a 200 day moving average price of $44.06.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data 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 net margin of 2.29% and a return on equity of 12.53%. The firm had revenue of $10.96 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same period in the previous year, the firm posted $1.50 earnings per share. The company’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts forecast that Magna International Inc. will post 5.49 EPS for the current year.

Magna International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend was Friday, August 16th. Magna International’s payout ratio is 53.98%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Scotiabank reduced their target price on shares of Magna International from $52.00 to $50.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 6th. CIBC decreased their target price on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Wells Fargo & Company upped their price target on Magna International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, September 20th. Raymond James reduced their price objective on Magna International from $57.00 to $53.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada dropped their target price on Magna International from $57.00 to $47.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Magna International presently has a consensus rating of “Hold” and a consensus target price of $49.94.

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.