Manning & Napier Group LLC Lowers Stock Holdings in Magna International Inc. (NYSE:MGA)

Manning & Napier Group LLC decreased its position in shares of Magna International Inc. (NYSE:MGAGet Rating) (TSE:MG) by 22.2% during the second quarter, Holdings Channel reports. The institutional investor owned 38,794 shares of the company’s stock after selling 11,070 shares during the period. Manning & Napier Group LLC’s holdings in Magna International were worth $2,129,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in Magna International by 1,609.3% in the 1st quarter. Jones Financial Companies Lllp now owns 735 shares of the company’s stock worth $47,000 after purchasing an additional 692 shares in the last quarter. Tcwp LLC purchased a new stake in Magna International in the 1st quarter worth $112,000. Van ECK Associates Corp lifted its stake in Magna International by 44.5% in the 1st quarter. Van ECK Associates Corp now owns 3,480 shares of the company’s stock worth $223,000 after purchasing an additional 1,071 shares in the last quarter. Resources Management Corp CT ADV lifted its stake in Magna International by 31.9% in the 1st quarter. Resources Management Corp CT ADV now owns 6,156 shares of the company’s stock worth $396,000 after purchasing an additional 1,488 shares in the last quarter. Finally, DGS Capital Management LLC lifted its stake in Magna International by 6.3% in the 1st quarter. DGS Capital Management LLC now owns 6,307 shares of the company’s stock worth $406,000 after purchasing an additional 374 shares in the last quarter. Hedge funds and other institutional investors own 58.45% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on MGA. Wells Fargo & Company boosted their price target on shares of Magna International from $72.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, July 11th. TD Securities reduced their target price on shares of Magna International from $85.00 to $81.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley reduced their target price on shares of Magna International from $84.00 to $79.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. Bank of America reduced their target price on shares of Magna International from $115.00 to $106.00 and set a “buy” rating on the stock in a report on Friday, September 9th. Finally, StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $78.58.

Magna International Price Performance

Magna International stock opened at $53.17 on Thursday. The stock has a market cap of $15.36 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 0.73 and a beta of 1.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.89. Magna International Inc. has a 1 year low of $52.47 and a 1 year high of $90.15. The firm has a 50-day moving average of $59.78 and a two-hundred day moving average of $60.25.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.39%. Magna International’s payout ratio is presently 79.65%.

Magna International Profile

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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.

Further Reading

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

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