Short Interest in Magna International Inc. (NYSE:MGA) Drops By 14.5%

Magna International Inc. (NYSE:MGAGet Free Report) (TSE:MG) was the target of a large decrease in short interest during the month of December. As of December 15th, there was short interest totalling 6,980,000 shares, a decrease of 14.5% from the November 30th total of 8,160,000 shares. Based on an average daily volume of 1,540,000 shares, the short-interest ratio is presently 4.5 days. Approximately 2.6% of the company’s shares are short sold.

Hedge Funds Weigh In On Magna International

Hedge funds have recently bought and sold shares of the business. Kennebec Savings Bank purchased a new stake in shares of Magna International during the 3rd quarter valued at about $32,000. Grove Bank & Trust boosted its holdings in Magna International by 70.4% in the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after purchasing an additional 343 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in Magna International by 84.4% in 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 period. Tobam raised its stake in Magna International by 94.3% during the 3rd quarter. Tobam now owns 4,373 shares of the company’s stock valued at $179,000 after buying an additional 2,122 shares during the last quarter. Finally, Arkadios Wealth Advisors bought a new position in shares of Magna International during the 3rd quarter valued at $216,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MGA. Scotiabank raised their price target on Magna International from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Monday, November 4th. Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Royal Bank of Canada lowered their price objective on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating for the company in a report on Monday, November 4th. Finally, TD Securities reduced their target price on Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Magna International has a consensus rating of “Hold” and a consensus price target of $49.65.

Read Our Latest Report on Magna International

Magna International Stock Down 0.0 %

NYSE:MGA traded down $0.02 on Tuesday, reaching $41.69. 415,350 shares of the stock traded hands, compared to its average volume of 1,586,754. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $11.89 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 0.81 and a beta of 1.61. Magna International has a 12 month low of $38.01 and a 12 month high of $59.53. The company’s fifty day simple moving average is $43.46 and its 200 day simple moving average is $42.36.

Magna International (NYSE:MGAGet Free Report) (TSE:MG) last announced its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). The firm had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. Magna International’s revenue was down 3.8% on a year-over-year basis. During the same period last year, the business earned $1.46 EPS. Equities analysts predict that Magna International will post 5.22 EPS for the current fiscal year.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.475 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.90 annualized dividend and a yield of 4.56%. Magna International’s payout ratio is 50.80%.

About Magna International

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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.

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