Lyell Wealth Management LP Purchases Shares of 5,000 Magna International Inc. (MGA)

Share on StockTwits

Lyell Wealth Management LP purchased a new stake in Magna International Inc. (NYSE:MGA) (TSE:MG) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 5,000 shares of the company’s stock, valued at approximately $263,000.

Several other hedge funds also recently modified their holdings of MGA. Toronto Dominion Bank boosted its stake in shares of Magna International by 111.8% in the second quarter. Toronto Dominion Bank now owns 2,118,571 shares of the company’s stock valued at $122,854,000 after buying an additional 1,118,411 shares during the period. Russell Investments Group Ltd. lifted its stake in Magna International by 25.6% during the third quarter. Russell Investments Group Ltd. now owns 1,575,923 shares of the company’s stock worth $82,485,000 after purchasing an additional 320,758 shares during the last quarter. Hexavest Inc. bought a new stake in Magna International during the third quarter worth $10,275,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Magna International by 19.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 981,005 shares of the company’s stock worth $57,021,000 after purchasing an additional 159,090 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Magna International by 10.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,308,221 shares of the company’s stock worth $76,091,000 after purchasing an additional 122,538 shares during the last quarter. Institutional investors and hedge funds own 59.65% of the company’s stock.

Several equities research analysts have weighed in on the company. Zacks Investment Research cut Magna International from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. ValuEngine cut Magna International from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Wolfe Research initiated coverage on Magna International in a research note on Tuesday, October 2nd. They set an “outperform” rating for the company. Citigroup lowered their price target on shares of Magna International from $77.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, August 9th. Finally, Royal Bank of Canada lowered their price target on shares of Magna International from $76.00 to $74.00 and set an “outperform” rating for the company in a report on Thursday, August 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. Magna International has an average rating of “Buy” and an average price target of $67.67.

Shares of NYSE:MGA opened at $49.67 on Wednesday. The firm has a market cap of $16.31 billion, a PE ratio of 8.33, a P/E/G ratio of 0.84 and a beta of 1.36. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.17 and a quick ratio of 0.82. Magna International Inc. has a 52-week low of $45.73 and a 52-week high of $67.47.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Wednesday, August 8th. The company reported $1.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.07). The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.45 billion. Magna International had a return on equity of 19.72% and a net margin of 5.72%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company posted $1.48 earnings per share. On average, sell-side analysts anticipate that Magna International Inc. will post 6.77 EPS for the current year.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

Recommended Story: Intrinsic Value

Want to see what other hedge funds are holding MGA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magna International Inc. (NYSE:MGA) (TSE:MG).

Institutional Ownership by Quarter for Magna International (NYSE:MGA)

Receive News & Ratings for Magna International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magna International and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply