Highline Capital Management Lowers stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Highline Capital Management reduced its stake in Magna International (USA) by 7.23% during the most recent quarter end. The investment management company now holds a total of 931,100 shares of Magna International (USA) which is valued at $37,756,105 after selling 72,600 shares in Magna International (USA) , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Magna International (USA) makes up approximately 1.55% of Highline Capital Management’s portfolio.

Other Hedge Funds, Including , Winfield Associates boosted its stake in MGA in the latest quarter, The investment management firm added 50 additional shares and now holds a total of 160 shares of Magna International (USA) which is valued at $6,488. Hotchkis Wiley Capital Management added MGA to its portfolio by purchasing 20,736 company shares during the most recent quarter which is valued at $840,845.Baskin Financial Services boosted its stake in MGA in the latest quarter, The investment management firm added 8,426 additional shares and now holds a total of 264,697 shares of Magna International (USA) which is valued at $10,053,192. Magna International (USA) makes up approx 2.73% of Baskin Financial Services’s portfolio. Rdl Financial Inc added MGA to its portfolio by purchasing 33,571 company shares during the most recent quarter which is valued at $1,275,027. Magna International (USA) makes up approx 0.92% of Rdl Financial Inc’s portfolio.

Magna International (USA) closed down -0.08 points or -0.20% at $40.22 with 14,70,392 shares getting traded on Thursday. Post opening the session at $40.24, the shares hit an intraday low of $40.08 and an intraday high of $41.02 and the price fluctuated in this range throughout the day.Shares ended Thursday 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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