Addenda Capital Lowers stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Addenda Capital reduced its stake in Magna International (USA) by 0.45% during the most recent quarter end. The investment management company now holds a total of 492,455 shares of Magna International (USA) which is valued at $19,969,050 after selling 2,205 shares in Magna International (USA) , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Magna International (USA) makes up approximately 1.57% of Addenda Capital’s portfolio.

Other Hedge Funds, Including , Dynamic Technology Lab Private Ltd boosted its stake in MGA in the latest quarter, The investment management firm added 3,296 additional shares and now holds a total of 16,527 shares of Magna International (USA) which is valued at $670,170. Magna International (USA) makes up approx 0.17% of Dynamic Technology Lab Private Ltd’s portfolio.Prentiss Smith Co Inc boosted its stake in MGA in the latest quarter, The investment management firm added 149,559 additional shares and now holds a total of 174,921 shares of Magna International (USA) which is valued at $6,746,703. Magna International (USA) makes up approx 3.65% of Prentiss Smith Co Inc’s portfolio.Shell Asset Management Co boosted its stake in MGA in the latest quarter, The investment management firm added 672 additional shares and now holds a total of 68,751 shares of Magna International (USA) which is valued at $2,710,164. Magna International (USA) makes up approx 0.06% of Shell Asset Management Co’s portfolio.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.

Magna International (USA) opened for trading at $40.1 and hit $40.575 on the upside on Friday, eventually ending the session at $40.5, with a gain of 0.27% or 0.11 points. The heightened volatility saw the trading volume jump to 9,35,503 shares. Company has a market cap of $16,066 M.

On the company’s financial health, Magna International (USA) reported $1.41 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Aug 5, 2016. Analyst had a consensus of $1.34. The company had revenue of $9443.00 million for the quarter, compared to analysts expectations of $9204.19 million. The company’s revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.29 EPS.

Many Wall Street Analysts have commented on Magna International (USA). Company shares were Reiterated by RBC Capital Mkts on Aug 8, 2016 to “Outperform”, Firm has raised the Price Target to $ 55 from a previous price target of $52 .

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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