1620 Investment Advisors Inc. Purchases Shares of 7,354 Magna International Inc. (NYSE:MGA)

1620 Investment Advisors Inc. acquired a new position in Magna International Inc. (NYSE:MGA) (TSE:MG) during the second quarter, according to its most recent filing with the SEC. The firm acquired 7,354 shares of the company’s stock, valued at approximately $308,000.

Several other hedge funds have also recently made changes to their positions in the business. Sunbelt Securities Inc. lifted its holdings in Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after buying an additional 523 shares during the period. LRI Investments LLC bought a new stake in shares of Magna International during the first quarter valued at approximately $36,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Magna International in the second quarter worth $28,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Magna International during the 1st quarter valued at $49,000. Finally, EverSource Wealth Advisors LLC boosted its holdings 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 valued at $72,000 after buying an additional 319 shares in the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. TD Securities decreased their target price on shares of Magna International from $57.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. BNP Paribas upgraded Magna International from a “neutral” rating to an “outperform” rating in a research note on Monday, July 1st. Wells Fargo & Company cut their target price on Magna International from $46.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Morgan Stanley dropped their price target on shares of Magna International from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Finally, Citigroup dropped their target price on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.06.

Magna International Stock Performance

Shares of MGA traded down $0.34 on Thursday, reaching $41.06. The company’s stock had a trading volume of 663,325 shares, compared to its average volume of 1,648,193. The stock’s 50 day simple moving average is $42.20 and its two-hundred day simple moving average is $47.71. The stock has a market capitalization of $11.80 billion, a P/E ratio of 11.68, a PEG ratio of 0.59 and a beta of 1.59. Magna International Inc. has a 12-month low of $38.01 and a 12-month high of $60.32. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.09 and a quick ratio of 0.76.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). The firm had revenue of $10.96 billion for 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%. Magna International’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.50 EPS. Research analysts forecast that Magna International Inc. will post 5.68 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date of this dividend is Friday, August 16th. Magna International’s dividend payout ratio (DPR) is 53.98%.

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.