Magna International Target of Unusually Large Options Trading (MGA)

Magna International Inc. (NYSE:MGA) (TSE:MG) saw unusually large options trading activity on Tuesday. Traders acquired 3,825 put options on the stock. This represents an increase of 1,832% compared to the average volume of 198 put options.

Several large investors have recently modified their holdings of MGA. Toronto Dominion Bank raised its holdings in shares of Magna International by 111.8% during the second quarter. Toronto Dominion Bank now owns 2,118,571 shares of the company’s stock worth $122,854,000 after acquiring an additional 1,118,411 shares during the period. Schroder Investment Management Group raised its holdings in shares of Magna International by 101.0% during the first quarter. Schroder Investment Management Group now owns 1,661,752 shares of the company’s stock worth $120,593,000 after acquiring an additional 835,205 shares during the period. CIBC World Markets Inc. raised its holdings in shares of Magna International by 11.3% during the first quarter. CIBC World Markets Inc. now owns 4,885,794 shares of the company’s stock worth $275,314,000 after acquiring an additional 494,591 shares during the period. Sentry Investments Corp. raised its holdings in shares of Magna International by 7.0% during the first quarter. Sentry Investments Corp. now owns 2,554,300 shares of the company’s stock worth $185,366,000 after acquiring an additional 166,400 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Magna International by 19.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 981,005 shares of the company’s stock worth $57,021,000 after acquiring an additional 159,090 shares during the period. Institutional investors and hedge funds own 59.19% of the company’s stock.

Several research firms have weighed in on MGA. Zacks Investment Research upgraded shares of Magna International from a “sell” rating to a “hold” rating in a report on Tuesday. CIBC upgraded shares of Magna International from a “neutral” rating to an “outperform” rating in a report on Thursday, September 13th. Morgan Stanley cut their target price on shares of Magna International from $53.00 to $48.00 and set a “sell” rating on the stock in a report on Monday, August 13th. TD Securities cut their target price on shares of Magna International from $69.00 to $63.00 and set a “hold” rating on the stock in a report on Thursday, August 9th. Finally, Citigroup cut their target price on shares of Magna International from $77.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $65.88.

Shares of NYSE:MGA opened at $52.47 on Wednesday. Magna International has a 12 month low of $50.78 and a 12 month high of $67.47. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.27. The firm has a market cap of $18.73 billion, a P/E ratio of 8.55, a P/E/G ratio of 0.95 and a beta of 1.37.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Wednesday, August 8th. The company reported $1.67 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.07). Magna International had a return on equity of 19.72% and a net margin of 5.72%. The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.45 billion. During the same quarter in the previous year, the business earned $1.48 earnings per share. The company’s revenue was up 12.5% on a year-over-year basis. research analysts predict that Magna International will post 6.85 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Friday, August 31st were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.52%. This is a positive change from Magna International’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, August 30th. Magna International’s dividend payout ratio (DPR) is presently 22.15%.

About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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