Greystone Managed Investments Lowers stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Greystone Managed Investments reduced its stake in Magna International (USA) by 54.18% during the most recent quarter end. The investment management company now holds a total of 1,034,086 shares of Magna International (USA) which is valued at $41,580,598 after selling 1,222,844 shares in Magna International (USA) , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Magna International (USA) makes up approximately 1.63% of Greystone Managed Investments’s portfolio.

Other Hedge Funds, Including , Global X Management Co added MGA to its portfolio by purchasing 632 company shares during the most recent quarter which is valued at $25,950.Cambridge Investment Research Advisors boosted its stake in MGA in the latest quarter, The investment management firm added 1,717 additional shares and now holds a total of 9,284 shares of Magna International (USA) which is valued at $370,617. Magna International (USA) makes up approx 0.01% of Cambridge Investment Research Advisors’s portfolio.Zurcher Kantonalbank (zurich Cantonalbank) reduced its stake in MGA by selling 171,376 shares or 44.07% in the most recent quarter. The Hedge Fund company now holds 217,464 shares of MGA which is valued at $8,259,283. Magna International (USA) makes up approx 0.11% of Zurcher Kantonalbank (zurich Cantonalbank)’s portfolio. Lucus Advisors sold out all of its stake in MGA during the most recent quarter. The investment firm sold 12,162 shares of MGA which is valued $479,426.Montrusco Bolton Investments boosted its stake in MGA in the latest quarter, The investment management firm added 336,510 additional shares and now holds a total of 1,093,051 shares of Magna International (USA) which is valued at $42,508,753. Magna International (USA) makes up approx 2.60% of Montrusco Bolton Investments’s portfolio.

Magna International (USA) opened for trading at $40.51 and hit $40.805 on the upside on Wednesday, eventually ending the session at $40.68, with a gain of 0.07% or 0.03 points. The heightened volatility saw the trading volume jump to 9,92,926 shares. Company has a market cap of $16,138 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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