Magna International Inc. (NYSE:MGA) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC cut its holdings in Magna International Inc. (NYSE:MGA) (TSE:MG) by 31.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 167,049 shares of the company’s stock after selling 77,806 shares during the period. ARK Investment Management LLC’s holdings in Magna International were worth $6,856,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. JARISLOWSKY FRASER Ltd boosted its stake in Magna International by 5.9% in the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after acquiring an additional 395,745 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after purchasing an additional 30,361 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Magna International by 35.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after buying an additional 289,105 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Magna International by 11.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock worth $8,644,000 after buying an additional 21,532 shares during the last quarter. Finally, Millennium Management LLC increased its position in Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after buying an additional 93,637 shares during the period. Institutional investors own 67.49% of the company’s stock.

Magna International Price Performance

NYSE MGA opened at $43.16 on Friday. The stock has a market capitalization of $12.40 billion, a P/E ratio of 11.54, a P/E/G ratio of 0.68 and a beta of 1.59. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14. The business’s fifty day moving average is $41.37 and its two-hundred day moving average is $43.02. Magna International Inc. has a 1 year low of $38.01 and a 1 year high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). Magna International had a return on equity of 11.88% and a net margin of 2.52%. The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same period last year, the firm earned $1.46 earnings per share. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, research analysts forecast that Magna International Inc. will post 5.3 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend is Friday, November 15th. Magna International’s payout ratio is 50.80%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Scotiabank upped their price target on shares of Magna International from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Monday. UBS Group upped their target price on shares of Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Monday. StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a report on Monday. Raymond James reduced their price objective on Magna International from $57.00 to $53.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. Finally, BMO Capital Markets lowered their target price on Magna International from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $49.76.

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.