Magna International Inc. (MGA) Short Interest Update

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.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 22nd. The company reported $1.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.60 by $0.03. Magna International had a return on equity of 20.00% and a net margin of 5.62%. The company had revenue of $10.14 billion during the quarter, compared to analyst estimates of $10.15 billion. During the same quarter last year, the company earned $1.57 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts forecast that Magna International will post 6.93 earnings per share for the current fiscal year.

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.

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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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