Oakmont Corp Lowers stake in Magna International (USA) (MGA)

Magna International (USA) (MGA) : Oakmont Corp reduced its stake in Magna International (USA) by 50.47% during the most recent quarter end. The investment management company now holds a total of 460,100 shares of Magna International (USA) which is valued at $18,500,621 after selling 468,850 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 3.38% of Oakmont Corp’s portfolio.

Other Hedge Funds, Including , National Planning Corp reduced its stake in MGA by selling 653 shares or 10.88% in the most recent quarter. The Hedge Fund company now holds 5,348 shares of MGA which is valued at $215,043. Magna International (USA) makes up approx 0.02% of National Planning Corp’s portfolio.Central Trust Co boosted its stake in MGA in the latest quarter, The investment management firm added 8,817 additional shares and now holds a total of 57,127 shares of Magna International (USA) which is valued at $2,345,635. Magna International (USA) makes up approx 0.17% of Central Trust Co’s portfolio.Glenmede Trust Co Na boosted its stake in MGA in the latest quarter, The investment management firm added 159 additional shares and now holds a total of 1,578 shares of Magna International (USA) which is valued at $62,994. 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.Northeast Investment Management reduced its stake in MGA by selling 17,366 shares or 64.47% in the most recent quarter. The Hedge Fund company now holds 9,571 shares of MGA which is valued at $363,507. Magna International (USA) makes up approx 0.04% of Northeast Investment Management’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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