Tetrem Capital Management Ltd. buys $67,936,618 stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Tetrem Capital Management Ltd. scooped up 25,228 additional shares in Magna International (USA) during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 1,675,379 shares of Magna International (USA) which is valued at $67,936,618.Magna International (USA) makes up approximately 2.51% of Tetrem Capital Management Ltd.’s portfolio.

Other Hedge Funds, Including , Guardian Capital Lp reduced its stake in MGA by selling 1,251,676 shares or 42.46% in the most recent quarter. The Hedge Fund company now holds 1,696,043 shares of MGA which is valued at $68,774,544. Magna International (USA) makes up approx 1.07% of Guardian Capital Lp’s portfolio. 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.Taylor Asset Management Inc boosted its stake in MGA in the latest quarter, The investment management firm added 47,800 additional shares and now holds a total of 782,100 shares of Magna International (USA) which is valued at $30,830,382. Magna International (USA) makes up approx 8.57% of Taylor Asset Management Inc’s portfolio.Kanaly Trust Co reduced its stake in MGA by selling 336 shares or 2.54% in the most recent quarter. The Hedge Fund company now holds 12,870 shares of MGA which is valued at $500,514. Magna International (USA) makes up approx 0.10% of Kanaly Trust Co’s portfolio. Simplex Trading added MGA to its portfolio by purchasing 2,445 company shares during the most recent quarter which is valued at $93,644. Magna International (USA) makes up approx 0.01% of Simplex Trading’s portfolio.

Magna International (USA) opened for trading at $40.21 and hit $40.595 on the upside on Monday, eventually ending the session at $40.4, with a gain of 0.32% or 0.13 points. The heightened volatility saw the trading volume jump to 6,38,932 shares. Company has a market cap of $16,027 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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