Magna International Inc.
) introduced a pre-defined automatic securities purchase plan
(Plan) that lays out the instructions and strict parameters for
Common Shares repurchases so that it never violates regulatory
The Plan will be facilitated by a designated broker under the
current normal course issuer bid. Toronto Stock Exchange (TSX)
has reviewed the plan and was effective from Jul 1, 2013.
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The Plan may be terminated if the purchase limit mentioned in the
plan has been reached or if Magna terminate the Plan complying
with its terms. It can also be closed if the issuer bid
Magna, under the issuer bid beginning on Nov 13, 2012 and ending
on Nov 12, 2013, is authorized to repurchase up to 12,000,000
Common Shares. As of Jun 27, 2013, the company has repurchased
7,215,205 Common Shares.
The stocks may be purchased under the Bid on TSX in accordance
with the rules and policies of the exchange or on the New York
Stock Exchange in compliance with Rule 10b-18 under the U.S.
Securities Exchange Act of 1934. It can also be purchased on
other published markets or in pursuant to private agreement
Magna International, based in Aurora, Canada, is a leading
manufacturer and supplier of automotive components. The company
designs, develops and manufactures automotive systems,
assemblies, modules and components, besides engineering and
assembling complete vehicles, primarily for sale to original
equipment manufacturers (OEMs) of cars and light trucks. The
company currently carries a Zacks Rank #1(Strong Buy).
Magna reported earnings per share of $1.57 in the first quarter
of 2013, up 7.5% from $1.46 in the year-ago quarter and outpaced
the Zacks Consensus Estimate of $1.40. Revenues went up 9.1% to
$8.4 billion in the reported quarter, exceeding the Zacks
Consensus Estimate of $7.9 billion. The increase was driven by
improvement in North American and Rest of World (ROW) production
sales and higher tooling, engineering and other sales.
Few stocks that are performing well in the industry where Magna
China Zenix Auto International Limited
Johnson Controls Inc.
). Visteon carries a Zacks Rank #1 (Strong Buy), while China
Zenix Auto and Johnson Controls are Zacks Rank#2 (Buy) stock.