Baskin Financial Services Inc. Increases Position in Magna International Inc. (MGA)
Baskin Financial Services Inc. lifted its stake in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 277,715 shares of the company’s stock after purchasing an additional 6,193 shares during the quarter. Magna International accounts for about 2.5% of Baskin Financial Services Inc.’s portfolio, making the stock its 21st largest position. Baskin Financial Services Inc. owned about 0.09% of Magna International worth $13,522,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Liberty Wealth Management LLC bought a new stake in shares of Magna International during the 4th quarter valued at approximately $32,000. Community Bank N.A. bought a new stake in shares of Magna International during the 4th quarter valued at approximately $33,000. Financial Gravity Companies Inc. bought a new stake in shares of Magna International during the 4th quarter valued at approximately $36,000. Parallel Advisors LLC grew its holdings in shares of Magna International by 50.5% during the 4th quarter. Parallel Advisors LLC now owns 1,461 shares of the company’s stock valued at $66,000 after purchasing an additional 490 shares during the last quarter. Finally, Legacy Advisors LLC bought a new stake in shares of Magna International during the 1st quarter valued at approximately $122,000. 60.00% of the stock is currently owned by institutional investors.
MGA traded down $0.17 during trading on Monday, reaching $53.96. 740,453 shares of the company’s stock were exchanged, compared to its average volume of 1,087,287. Magna International Inc. has a one year low of $42.88 and a one year high of $67.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.15 and a quick ratio of 0.82. The firm has a market capitalization of $17.49 billion, a price-to-earnings ratio of 8.04, a PEG ratio of 1.28 and a beta of 1.40.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $0.365 dividend. This is a positive change from Magna International’s previous quarterly dividend of $0.33. This represents a $1.46 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Thursday, March 7th. Magna International’s dividend payout ratio is currently 21.76%.
MGA has been the topic of several research reports. ValuEngine lowered shares of Magna International from a “hold” rating to a “sell” rating in a report on Friday, March 15th. TD Securities decreased their price target on shares of Magna International from $60.00 to $59.00 and set a “buy” rating on the stock in a report on Wednesday, January 16th. Barclays reaffirmed a “hold” rating and set a $50.00 price target on shares of Magna International in a report on Sunday, January 6th. BMO Capital Markets lowered shares of Magna International from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $64.00 to $55.00 in a report on Thursday, March 21st. Finally, Wells Fargo & Co reaffirmed a “buy” rating and set a $63.00 price target (up from $62.00) on shares of Magna International in a report on Friday, February 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $64.09.
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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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