Beutel Goodman & Co Ltd increased its stake in Magna Intl Inc (NYSE:MGA) by 4.19% based on its latest 2016Q2 regulatory filing with the SEC. Beutel Goodman & Co Ltd bought 496,682 shares as the company’s stock rose 7.48% with the market. The institutional investor held 12.34 million shares of the capital goods company at the end of 2016Q2, valued at $531.10 million, up from 11.84M at the end of the previous reported quarter. Beutel Goodman & Co Ltd who had been investing in Magna Intl Inc for a number of months, seems to be bullish on the $15.48 billion market cap company. The stock decreased 2.43% or $0.98 during the last trading session, hitting $39.38. About 1.95M shares traded hands or 61.16% up from the average. Magna International Inc. (USA) (NYSE:MGA) has risen 28.30% since February 8, 2016 and is uptrending. It has outperformed by 11.81% the S&P500.
Beutel Goodman & Co Ltd, which manages about $36.47 billion and $9.02B US Long portfolio, decreased its stake in Telus Corp (NYSE:TU) by 774,690 shares to 11.75 million shares, valued at $382.96 million in 2016Q2, according to the filing. It also reduced its holding in Thomson Reuters Corp (NYSE:TRI) by 349,770 shares in the quarter, leaving it with 5.54 million shares, and cut its stake in Cdn Pacific Railway (NYSE:CP).
Beutel Goodman & Co Ltd is a Ontario, Canada-based institutional investor with more than $36.47 billion AUM in March, 2014. This fund invests only a small percentage of its assets in equities and options. Taken from Beutel Goodman & Co latest Adv, the fund reported to have 72 full and part-time employees. Among which 19 performing investment advisory and research functions. The institutional investor had more than 700 clients.
Out of 8 analysts covering Magna International Inc. (NYSE:MGA), 6 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 75% are positive. Magna International Inc. has been the topic of 13 analyst reports since September 23, 2015 according to StockzIntelligence Inc. BMO Capital Markets downgraded the stock on June 28 to “Market Perform” rating.
Magna International Inc. is an automotive supplier. The company has a market cap of $15.48 billion. The Company’s divisions are North America, Europe, Asia, Rest of World, and Corporate and Other. It has a 7.95 P/E ratio. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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