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.
The increase in the number of states allowing the recreational and medical use of cannabis means that growers, processors and manufacturers of cannabis products often cannot meet the growing demand. A Seattle weed maker is set to sell product across state lines, which will ease shortages. It could push up the company’s shares.
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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