Short Interest in Magna International Inc. (NYSE:MGA) Rises By 49.2%

Magna International Inc. (NYSE:MGA) (TSE:MG) saw a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 11,430,000 shares, an increase of 49.2% from the July 15th total of 7,660,000 shares. Currently, 4.3% of the company’s shares are sold short. Based on an average trading volume of 1,910,000 shares, the days-to-cover ratio is presently 6.0 days.

Hedge Funds Weigh In On Magna International

A number of hedge funds and other institutional investors have recently bought and sold shares of MGA. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Magna International in the second quarter valued at approximately $28,000. Sunbelt Securities Inc. boosted its stake in Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares during the period. LRI Investments LLC acquired a new position in Magna International in the first quarter valued at approximately $36,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Magna International during the first quarter valued at approximately $49,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Magna International by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after buying an additional 319 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Trading Down 0.1 %

Shares of MGA traded down $0.04 during trading hours on Wednesday, hitting $39.59. The stock had a trading volume of 562,167 shares, compared to its average volume of 1,643,954. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.09. The firm has a market cap of $11.38 billion, a P/E ratio of 11.27, a P/E/G ratio of 0.59 and a beta of 1.59. The company’s fifty day simple moving average is $42.56 and its 200 day simple moving average is $48.33. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.11). The company had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a net margin of 2.35% and a return on equity of 12.96%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the business earned $1.50 earnings per share. Equities research analysts forecast that Magna International will post 5.68 EPS for the current fiscal year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.80%. Magna International’s payout ratio is currently 53.98%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MGA shares. Barclays cut their target price on Magna International from $55.00 to $50.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Raymond James lowered their price target on Magna International from $57.00 to $53.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. The Goldman Sachs Group lowered their price target on Magna International from $56.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. StockNews.com downgraded Magna International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Finally, BMO Capital Markets reduced their price objective on Magna International from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $51.06.

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.