Magna International Inc. (NYSE:MGA) (TSE:MG) was the recipient of a large decrease in short interest in March. As of March 29th, there was short interest totalling 979,029 shares, a decrease of 44.9% from the March 15th total of 1,777,909 shares. Based on an average trading volume of 1,410,622 shares, the short-interest ratio is presently 0.7 days.
Several research analysts have recently issued reports on MGA shares. ValuEngine raised Magna International from a “sell” rating to a “hold” rating in a research report on Thursday, December 27th. Barclays reissued a “hold” rating and issued a $50.00 target price on shares of Magna International in a research report on Sunday, January 6th. TD Securities raised Magna International from a “hold” rating to a “buy” rating and increased their target price for the stock from $58.00 to $60.00 in a research report on Thursday, January 10th. Zacks Investment Research raised Magna International from a “hold” rating to a “strong-buy” rating and set a $58.00 target price for the company in a research report on Tuesday, January 15th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $64.00 target price on shares of Magna International in a research report on Friday, February 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. Magna International currently has a consensus rating of “Buy” and an average price target of $64.09.
MGA stock opened at $56.64 on Friday. Magna International has a twelve month low of $42.88 and a twelve month high of $67.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.15 and a quick ratio of 0.82. The company has a market cap of $18.11 billion, a P/E ratio of 8.44, a P/E/G ratio of 1.30 and a beta of 1.40.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were given a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Thursday, March 7th. This is a positive change from Magna International’s previous quarterly dividend of $0.33. Magna International’s dividend payout ratio (DPR) is 21.76%.
A number of hedge funds have recently bought and sold shares of the stock. CLARET ASSET MANAGEMENT Corp increased its position in Magna International by 3.0% during the 4th quarter. CLARET ASSET MANAGEMENT Corp now owns 8,573 shares of the company’s stock valued at $390,000 after buying an additional 247 shares in the last quarter. Comerica Bank increased its position in Magna International by 2.1% during the 4th quarter. Comerica Bank now owns 21,642 shares of the company’s stock valued at $1,124,000 after buying an additional 440 shares in the last quarter. Cigna Investments Inc. New increased its position in Magna International by 11.2% during the 4th quarter. Cigna Investments Inc. New now owns 4,498 shares of the company’s stock valued at $204,000 after buying an additional 452 shares in the last quarter. Tocqueville Asset Management L.P. increased its position in Magna International by 8.9% during the 4th quarter. Tocqueville Asset Management L.P. now owns 5,738 shares of the company’s stock valued at $261,000 after buying an additional 469 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in Magna International by 50.5% during the 4th quarter. Parallel Advisors LLC now owns 1,461 shares of the company’s stock valued at $66,000 after buying an additional 490 shares in the last quarter. 60.04% of the stock is owned by institutional investors.
About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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