Acadian Asset Management Lowers stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Acadian Asset Management reduced its stake in Magna International (USA) by 22.04% during the most recent quarter end. The investment management company now holds a total of 5,148,660 shares of Magna International (USA) which is valued at $197,193,678 after selling 1,455,300 shares in Magna International (USA) , the firm said in a disclosure report filed with the SEC on Jul 19, 2016.Magna International (USA) makes up approximately 0.98% of Acadian Asset Management’s portfolio.

Other Hedge Funds, Including , Cutler Group Lp reduced its stake in MGA by selling 3,151 shares or 38.14% in the most recent quarter. The Hedge Fund company now holds 5,111 shares of MGA which is valued at $189,158. Magna International (USA) makes up approx 0.01% of Cutler Group Lp’s portfolio.Gulf International Bank (uk) Ltd boosted its stake in MGA in the latest quarter, The investment management firm added 2,000 additional shares and now holds a total of 126,404 shares of Magna International (USA) which is valued at $4,678,212. Magna International (USA) makes up approx 0.08% of Gulf International Bank (uk) Ltd’s portfolio.Beutel Goodman Co Ltd. boosted its stake in MGA in the latest quarter, The investment management firm added 455,745 additional shares and now holds a total of 12,794,733 shares of Magna International (USA) which is valued at $447,943,602. Magna International (USA) makes up approx 4.52% of Beutel Goodman Co Ltd.’s portfolio.

Magna International (USA) opened for trading at $38.07 and hit $38.48 on the upside on Wednesday, eventually ending the session at $38.3, with a gain of 0.71% or 0.27 points. The heightened volatility saw the trading volume jump to 10,75,668 shares. Company has a market cap of $15,193 M.

On the company’s financial health, Magna International (USA) reported $1.22 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 5, 2016. Analyst had a consensus of $1.19. The company had revenue of $8900.00 million for the quarter, compared to analysts expectations of $8644.99 million. The company’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 EPS.

Magna International Inc. (Magna) is an automotive supplier with approximately 313 manufacturing operations and over 84 product development engineering and sales centers in approximately 28 countries. Its product capabilities include producing body chassis interior exterior seating powertrain electronic vision closure and roof systems and modules as well as vehicle engineering and contract manufacturing. Its customers include General Motors Fiat-Chrysler Ford BMW Daimler and Volkswagen. Its offers programs which include Ford Transit; MINI Countryman; Ford F-Series and F-Series Super Duty; QOROS 3; Ford Mustang; BMW X6; Mercedes-Benz M-Class; BMW X4 and Porsche Panamera. The Company operates in North America Europe and Asia.

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