Advisory Services Network Lowers stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Advisory Services Network reduced its stake in Magna International (USA) by 1.71% during the most recent quarter end. The investment management company now holds a total of 4,020 shares of Magna International (USA) which is valued at $169,765 after selling 70 shares in Magna International (USA) , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Magna International (USA) makes up approximately 0.03% of Advisory Services Network’s portfolio.

Other Hedge Funds, Including , Founders Financial Securities added MGA to its portfolio by purchasing 12,179 company shares during the most recent quarter which is valued at $514,319. Magna International (USA) makes up approx 0.22% of Founders Financial Securities’s portfolio.Independent Portfolio Consultants reduced its stake in MGA by selling 717 shares or 25.14% in the most recent quarter. The Hedge Fund company now holds 2,135 shares of MGA which is valued at $93,406. Magna International (USA) makes up approx 0.03% of Independent Portfolio Consultants’s portfolio.Cardinal Capital Management reduced its stake in MGA by selling 1,397 shares or 87.31% in the most recent quarter. The Hedge Fund company now holds 203 shares of MGA which is valued at $8,881.

Magna International (USA) closed down -0.69 points or -1.61% at $42.23 with 11,31,420 shares getting traded on Friday. Post opening the session at $42.68, the shares hit an intraday low of $41.91 and an intraday high of $42.87 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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