Magna International Inc. (NYSE:MGA) Short Interest Update

Magna International Inc. (NYSE:MGA) (TSE:MG) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 9,820,000 shares, a drop of 31.6% from the August 15th total of 14,360,000 shares. Currently, 3.7% of the shares of the company are short sold. Based on an average daily volume of 1,590,000 shares, the days-to-cover ratio is presently 6.2 days.

Magna International Stock Performance

MGA traded down $0.05 during midday trading on Monday, reaching $40.15. The company’s stock had a trading volume of 1,736,820 shares, compared to its average volume of 1,624,641. The stock has a market cap of $11.54 billion, a P/E ratio of 11.41, a PEG ratio of 0.60 and a beta of 1.59. The company has a fifty day simple moving average of $41.78 and a 200 day simple moving average of $45.93. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. Magna International has a twelve month low of $38.01 and a twelve month high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). The business had revenue of $10.96 billion during the quarter, compared to analyst estimates of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same period last year, the business earned $1.50 EPS. Research analysts expect that Magna International will post 5.58 earnings per share for the current year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.73%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MGA. Royal Bank of Canada reduced their target price on Magna International from $57.00 to $47.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. Morgan Stanley reduced their price objective on Magna International from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Wolfe Research reaffirmed an “underperform” rating on shares of Magna International in a research note on Thursday, September 5th. Citigroup cut their price target on Magna International from $52.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Finally, Bank of America cut their price target on Magna International from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Magna International presently has a consensus rating of “Hold” and a consensus target price of $51.06.

Hedge Funds Weigh In On Magna International

Several hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in shares of Magna International by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after buying an additional 319 shares during the period. UMB Bank n.a. raised its position in Magna International by 13.0% in the 1st quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock valued at $165,000 after purchasing an additional 350 shares during the last quarter. Sunbelt Securities Inc. raised its position in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares during the last quarter. LRI Investments LLC bought a new position in Magna International in the 1st quarter valued at $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Magna International in the 2nd quarter valued at $28,000. Institutional investors own 67.49% of the company’s stock.

About Magna International

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.