Value investor Richard Pzena's firm, Pzena Investment Management, reduced its position in automotive supplier Magna International (MGA) by 11.09% during the third quarter of 2026. According to a recent SEC filing, the firm sold an estimated $240.12 million worth of shares, bringing its total holding to 21.23 million shares valued at $1.93 billion as of September 30, 2026. This transaction is based on a delayed 13F disclosure, a mandatory quarterly report for institutional investment managers, and does not represent a real-time trade.
Despite the sale, Magna International remains a significant holding for Pzena, with the position now accounting for 5.65% of the firm's reported portfolio, down from 6.54%. The reduction comes as Magna recently reported third-quarter earnings that beat profit forecasts, citing wider margins. However, the company also noted a decline in sales and offered a cautious outlook.