Augustine Asset Management Inc Lowers stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Augustine Asset Management Inc reduced its stake in Magna International (USA) by 0.59% during the most recent quarter end. The investment management company now holds a total of 87,185 shares of Magna International (USA) which is valued at $3,665,257 after selling 515 shares in Magna International (USA) , the firm said in a disclosure report filed with the SEC on Oct 14, 2016.Magna International (USA) makes up approximately 2.74% of Augustine Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Reliance Trust Co Of Delaware sold out all of its stake in MGA during the most recent quarter. The investment firm sold 6,291 shares of MGA which is valued $264,474.Cornerstone Investment Partners reduced its stake in MGA by selling 675,096 shares or 26.28% in the most recent quarter. The Hedge Fund company now holds 1,893,819 shares of MGA which is valued at $79,786,594. Magna International (USA) makes up approx 3.52% of Cornerstone Investment Partners’s portfolio. Atria Investments added MGA to its portfolio by purchasing 4,974 company shares during the most recent quarter which is valued at $213,186. Magna International (USA) makes up approx 0.02% of Atria Investments’s portfolio.Carl Domino Inc reduced its stake in MGA by selling 23,490 shares or 69.35% in the most recent quarter. The Hedge Fund company now holds 10,380 shares of MGA which is valued at $444,887. Magna International (USA) makes up approx 0.42% of Carl Domino Inc’s portfolio.Legal General Group Plc boosted its stake in MGA in the latest quarter, The investment management firm added 11,661 additional shares and now holds a total of 1,720,009 shares of Magna International (USA) which is valued at $73,719,586. Magna International (USA) makes up approx 0.08% of Legal General Group Plc’s portfolio.

Magna International (USA) closed down -0.09 points or -0.21% at $42.04 with 11,29,270 shares getting traded on Friday. Post opening the session at $42.36, the shares hit an intraday low of $41.975 and an intraday high of $42.84 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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