Paloma Partners Management Co increased its stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 115.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,884 shares of the company’s stock after buying an additional 23,553 shares during the quarter. Paloma Partners Management Co’s holdings in Magna International were worth $2,488,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Aviance Capital Management LLC bought a new position in Magna International during the 4th quarter worth $156,000. Groesbeck Investment Management Corp NJ bought a new position in Magna International during the 4th quarter worth $204,000. Segall Bryant & Hamill LLC bought a new position in Magna International during the 3rd quarter worth $214,000. Financial Counselors Inc. bought a new position in Magna International during the 3rd quarter worth $258,000. Finally, Jarislowsky Fraser Ltd bought a new position in Magna International during the 3rd quarter worth $382,000. Hedge funds and other institutional investors own 59.71% of the company’s stock.
A number of research analysts recently commented on the company. Raymond James Financial upped their price objective on Magna International from $67.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, January 11th. ValuEngine raised Magna International from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 2nd. Citigroup increased their price target on Magna International from $61.00 to $67.00 and gave the stock a “buy” rating in a research note on Friday, March 9th. BMO Capital Markets reissued a “hold” rating and issued a $61.00 price target on shares of Magna International in a research note on Thursday, January 18th. Finally, KeyCorp reissued a “buy” rating on shares of Magna International in a research note on Wednesday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Magna International presently has a consensus rating of “Buy” and an average price target of $63.08.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Thursday, February 22nd. The company reported $1.57 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.01). Magna International had a net margin of 5.66% and a return on equity of 19.61%. The company had revenue of $10.39 billion for the quarter, compared to analysts’ expectations of $10.11 billion. During the same period in the prior year, the company earned $1.31 earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. analysts forecast that Magna International Inc. will post 6.66 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Friday, March 9th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.48%. This is an increase from Magna International’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, March 8th. Magna International’s dividend payout ratio is currently 22.37%.
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About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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