Sumitomo Mitsui Trust Holdings Inc. Grows Position in Magna International Inc. (NYSE:MGA)

Posted by Defense World Staff on Jul 19th, 2023

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Magna International Inc. (NYSE:MGA – Free Report) (TSE:MG) by 3.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 969,113 shares of the company’s stock after purchasing an additional 28,499 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.34% of Magna International worth $51,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Pzena Investment Management LLC purchased a new position in Magna International during the 4th quarter valued at about $230,157,000. Forsta AP Fonden boosted its holdings in Magna International by 98.2% during the 4th quarter. Forsta AP Fonden now owns 154,800 shares of the company’s stock valued at $8,690,000 after acquiring an additional 76,700 shares during the period. Russell Investments Group Ltd. boosted its holdings in Magna International by 10.8% during the 4th quarter. Russell Investments Group Ltd. now owns 615,202 shares of the company’s stock valued at $34,612,000 after acquiring an additional 60,136 shares during the period. BNP Paribas Arbitrage SNC raised its position in Magna International by 272.2% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 72,430 shares of the company’s stock valued at $3,435,000 after purchasing an additional 52,971 shares in the last quarter. Finally, Achmea Investment Management B.V. acquired a new stake in Magna International in the 1st quarter valued at about $2,036,000. 60.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on MGA. BNP Paribas raised Magna International from an “underperform” rating to a “neutral” rating in a research report on Monday, May 8th. Barclays increased their price target on Magna International from $59.00 to $60.00 in a research report on Monday, July 10th. Citigroup increased their price target on Magna International from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday. Bank of America raised Magna International from a “neutral” rating to a “buy” rating and increased their price target for the company from $65.00 to $85.00 in a research report on Thursday, July 6th. Finally, Royal Bank of Canada increased their price target on Magna International from $52.00 to $54.00 in a research report on Monday, May 8th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.67.

Magna International Trading Up 2.8 %

NYSE:MGA opened at $60.70 on Wednesday. The stock’s 50 day moving average price is $54.49 and its 200 day moving average price is $55.74. The company has a market capitalization of $17.37 billion, a PE ratio of 39.93, a P/E/G ratio of 0.59 and a beta of 1.61. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 0.39. Magna International Inc. has a 52-week low of $45.58 and a 52-week high of $68.92.

Magna International (NYSE:MGA – Get Free Report) (TSE:MG) last released its quarterly earnings results on Friday, May 5th. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.16. Magna International had a return on equity of 10.05% and a net margin of 1.12%. The firm had revenue of $10.67 billion for the quarter, compared to the consensus estimate of $9.90 billion. During the same quarter last year, the business posted $1.28 EPS. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Magna International Inc. will post 4.93 EPS for the current year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 2nd. Shareholders of record on Friday, May 19th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $1.84 annualized dividend and a dividend yield of 3.03%. Magna International’s dividend payout ratio (DPR) is currently 121.05%.

About Magna International

(Free Report)

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.