Baskin Financial Services Inc. boosted its holdings in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 277,715 shares of the company’s stock after buying an additional 6,193 shares during the period. Magna International makes up about 2.5% of Baskin Financial Services Inc.’s portfolio, making the stock its 21st largest position. Baskin Financial Services Inc.’s holdings in Magna International were worth $13,522,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. DNB Asset Management AS raised its holdings in Magna International by 12.5% during the first quarter. DNB Asset Management AS now owns 201,001 shares of the company’s stock worth $9,789,000 after buying an additional 22,412 shares during the last quarter. We Are One Seven LLC raised its holdings in Magna International by 79.4% during the first quarter. We Are One Seven LLC now owns 5,283 shares of the company’s stock worth $257,000 after buying an additional 2,339 shares during the last quarter. Legacy Advisors LLC acquired a new position in Magna International during the first quarter worth $122,000. Cardinal Capital Management Inc. raised its holdings in Magna International by 12.4% during the first quarter. Cardinal Capital Management Inc. now owns 718,431 shares of the company’s stock worth $34,981,000 after buying an additional 79,305 shares during the last quarter. Finally, Tibra Equities Europe Ltd acquired a new position in Magna International during the first quarter worth $769,000. Hedge funds and other institutional investors own 60.00% of the company’s stock.
MGA has been the topic of several research reports. ValuEngine downgraded shares of Magna International from a “hold” rating to a “sell” rating in a report on Friday, March 15th. TD Securities lowered their price objective on shares of Magna International from $60.00 to $59.00 and set a “buy” rating on the stock in a report on Wednesday, January 16th. Barclays restated a “hold” rating and set a $50.00 price objective on shares of Magna International in a report on Sunday, January 6th. BMO Capital Markets downgraded shares of Magna International from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $64.00 to $55.00 in a report on Thursday, March 21st. Finally, Wells Fargo & Co restated a “buy” rating and set a $63.00 price objective (up previously from $62.00) on shares of Magna International in a report on Friday, February 22nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $64.09.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, February 22nd. The company reported $1.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.60 by $0.03. The company had revenue of $10.14 billion during the quarter, compared to the consensus estimate of $10.15 billion. Magna International had a net margin of 5.62% and a return on equity of 20.00%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.57 earnings per share. As a group, research analysts expect that Magna International Inc. will post 6.93 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a $0.365 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.46 annualized dividend and a dividend yield of 2.71%. This is an increase from Magna International’s previous quarterly dividend of $0.33. Magna International’s dividend payout ratio is currently 21.76%.
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Magna International Profile
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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