Plato Investment Management Ltd Buys New Stake in Magna International Inc. $MGA

Plato Investment Management Ltd purchased a new stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 39,967 shares of the company’s stock, valued at approximately $1,880,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AGF Management Ltd. purchased a new stake in shares of Magna International during the 3rd quarter worth about $14,191,000. Jones Financial Companies Lllp raised its holdings in Magna International by 8.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 133,207 shares of the company’s stock worth $6,210,000 after purchasing an additional 10,889 shares during the period. ARGA Investment Management LP boosted its position in Magna International by 33.2% during the third quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock worth $196,557,000 after purchasing an additional 1,033,747 shares in the last quarter. Arkadios Wealth Advisors purchased a new position in Magna International during the third quarter worth approximately $210,000. Finally, Meritage Portfolio Management acquired a new stake in Magna International in the third quarter valued at approximately $3,551,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Stock Up 2.7%

Shares of NYSE MGA opened at $54.06 on Friday. The stock has a market cap of $15.15 billion, a PE ratio of 14.77 and a beta of 1.50. The company has a current ratio of 1.18, a quick ratio of 0.83 and a debt-to-equity ratio of 0.38. Magna International Inc. has a 12-month low of $30.39 and a 12-month high of $57.55. The company has a 50-day moving average of $53.24 and a 200 day moving average of $48.49.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Morgan Stanley increased their target price on Magna International from $38.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, December 8th. Barclays upped their price objective on shares of Magna International from $52.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Canadian Imperial Bank of Commerce lifted their target price on shares of Magna International from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 5th. BMO Capital Markets upped their price target on shares of Magna International from $49.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Magna International from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.80.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.