Magna International Inc. (NYSE: MGA) Short Interest Update
Magna International Inc. (NYSE: MGA) (TSE: MG) was the target of a significant increase in short-term interest in September. As of September 30, there was short interest totaling 2,040,000 shares, an increase of 21.4% from the total of 1,680,000 shares as of September 15. Based on an average daily volume of 1,280,000 shares, the short-term interest rate is currently 1.6 days. Currently, 0.7% of the company’s shares are sold short.
A number of hedge funds have recently increased or reduced their stakes in the company. QV Investors Inc. increased its holdings of Magna International shares by 29.7% during the third quarter. QV Investors Inc. now owns 583,884 shares of the company valued at $ 43,932,000 after purchasing an additional 133,708 shares in the last quarter. Manning & Napier Group LLC increased its stake in Magna International shares by 0.9% during the 3rd quarter. Manning & Napier Group LLC now owns 47,847 shares of the company valued at $ 3,600,000 after purchasing an additional 424 shares in the last quarter. Avondale Wealth Management increased its holdings of Magna International shares by 138.9% during the 3rd quarter. Avondale Wealth Management now owns 4,300 shares of the company valued at $ 324,000 after purchasing an additional 2,500 shares in the last quarter. Wedbush Securities Inc. increased its stake in Magna International shares by 29.5% during the 3rd quarter. Wedbush Securities Inc. now owns 6,295 shares of the company valued at $ 474,000 after purchasing 1,435 additional shares in the last quarter. Finally, Elephas Investment Management Ltd acquired a new stake in Magna International shares during the second quarter for a value of approximately $ 4,002,000. Institutional investors hold 59.14% of the shares of the company.
MGA stock traded down $ 0.65 at midday on Tuesday, reaching $ 82.77. The company’s shares had a trading volume of 84,791 shares, compared to its average volume of 1,397,903. The stock has a market capitalization of $ 24.89 billion, a PE ratio of 11.54, a P / E / G ratio of 0.56 and a beta of 1.54. The company has a current ratio of 1.44, a quick ratio of 1.04, and a debt ratio of 0.32. Magna International has a fifty-two week minimum of $ 49.24 and a fifty-two week maximum of $ 104.28. The company’s 50-day moving average is $ 80.09 and its two-hundred-day moving average is $ 88.22.
Magna International (NYSE: MGA) (TSE: MG) last released its quarterly earnings data on Friday, August 6. The company reported EPS of $ 1.40 for the quarter, missing Zacks’ consensus estimate of $ 1.44 ($ 0.04). The company posted revenue of $ 9.03 billion in the quarter, compared to analysts’ estimates of $ 9.28 billion. Magna International had a net margin of 5.61% and a return on equity of 20.83%. The company’s revenue grew 110.4% year-over-year. In the same quarter of the previous year, the company posted EPS ($ 1.71). On average, analysts expect Magna International to post earnings per share of 7.24 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 3. Shareholders of record on Friday August 20 received a dividend of $ 0.43. The ex-dividend date was Thursday August 19. This represents a dividend of $ 1.72 on an annualized basis and a return of 2.08%. Magna International’s payout ratio is 43.54%.
MGA has been the subject of a number of research analyst reports. Raymond James reissued a “market performance” rating and set a price target of $ 92.00 on Magna International shares in a report released on Monday, August 9. TD Securities lowered its price target for Magna International shares from $ 110.00 to $ 105 and established a “buy” rating on the stock in a report released on Monday, August 9. Edward Jones downgraded Magna International’s shares from a “hold” rating to a “buy” rating in a report released on Monday, June 21. Barclays downgraded Magna International shares from an “overweight” to a “peer-to-peer” rating and lowered its price target for the company from $ 110.00 to $ 87.00 in a report released on Monday 11 October. Finally, the Goldman Sachs group lowered its price target on Magna International shares from $ 105 to $ 102.00 and set a “buy” rating on the stock in a report released on Sunday, September 26. One analyst assigned a sell rating to the stock, three assigned a conservation rating, and eleven assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $ 88.87.
About Magna International
Magna International, Inc. is a mobility technology company, which supplies the automotive industry. It operates through the following segments: bodies and structures, power and vision, seating systems and complete vehicles. The Bodies and Structures segment comprises the body and chassis systems, exterior systems and roof systems operations.
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