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

Magna International Inc. (NYSE:MGA) (TSE:MG) was the recipient of a significant decrease in short interest in the month of March. As of March 29th, there was short interest totalling 979,029 shares, a decrease of 44.9% from the March 15th total of 1,777,909 shares. Based on an average trading volume of 1,410,622 shares, the short-interest ratio is presently 0.7 days.

Several equities analysts have recently issued reports on the company. Zacks Investment Research raised Magna International from a “hold” rating to a “strong-buy” rating and set a $58.00 price target on the stock in a research note on Tuesday, January 15th. TD Securities cut their target price on Magna International from $60.00 to $59.00 and set a “buy” rating on the stock in a research note on Wednesday, January 16th. BMO Capital Markets reissued a “buy” rating and issued a $64.00 target price on shares of Magna International in a research note on Friday, February 22nd. Wells Fargo & Co restated a “buy” rating and issued a $63.00 price target (up from $62.00) on shares of Magna International in a report on Friday, February 22nd. Finally, Citigroup increased their price target on Magna International from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. Magna International currently has an average rating of “Hold” and an average price target of $64.09.

MGA stock traded down $0.54 during mid-day trading on Friday, reaching $47.32. The company had a trading volume of 4,089,990 shares, compared to its average volume of 1,249,873. Magna International has a 52 week low of $42.88 and a 52 week high of $67.47. The company has a market cap of $15.43 billion, a price-to-earnings ratio of 7.05, a P/E/G ratio of 1.15 and a beta of 1.45. The company has a quick ratio of 0.82, a current ratio of 1.15 and a debt-to-equity ratio of 0.28.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Thursday, May 9th. The company reported $1.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.73 by ($0.10). Magna International had a net margin of 6.75% and a return on equity of 19.22%. The business had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.60 billion. During the same period in the previous year, the business earned $1.84 earnings per share. The business’s quarterly revenue was down 1.9% on a year-over-year basis. On average, equities research analysts anticipate that Magna International will post 6.96 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Liberty Wealth Management LLC bought a new position in Magna International during the 4th quarter worth $32,000. Community Bank N.A. bought a new position in Magna International during the 4th quarter worth $33,000. Financial Gravity Companies Inc. bought a new position in Magna International during the 4th quarter worth $36,000. Zions Bancorporation N.A. bought a new position in Magna International during the 1st quarter worth $42,000. Finally, Parallel Advisors LLC increased its stake in Magna International by 50.5% during the 4th quarter. Parallel Advisors LLC now owns 1,461 shares of the company’s stock worth $66,000 after acquiring an additional 490 shares during the period. 60.18% of the stock is owned by institutional investors.

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Magna International Company 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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