Scotiabank Forecasts Higher Earnings for Magna International

Magna International Inc. (TSE:MG) (NYSE:MGA) – Equities researchers at Scotiabank upped their FY2024 earnings estimates for shares of Magna International in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst J. Goldman now forecasts that the company will post earnings per share of $7.75 for the year, up from their prior forecast of $7.36. The consensus estimate for Magna International’s current full-year earnings is $8.89 per share. Scotiabank also issued estimates for Magna International’s FY2025 earnings at $9.33 EPS.

A number of other equities analysts have also commented on MG. Wolfe Research raised Magna International from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 5th. The Goldman Sachs Group downgraded shares of Magna International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 11th.

Magna International Stock Up 2.1 %

Shares of TSE:MG opened at C$58.18 on Monday. The firm has a market cap of C$16.72 billion, a P/E ratio of 12.27, a P/E/G ratio of 0.45 and a beta of 1.60. Magna International has a 12-month low of C$51.79 and a 12-month high of C$79.98. The business has a fifty day simple moving average of C$61.21 and a 200 day simple moving average of C$58.54. The company has a quick ratio of 0.83, a current ratio of 1.12 and a debt-to-equity ratio of 62.12.

Magna International Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 29th were issued a dividend of $0.475 per share. The ex-dividend date was Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 3.27%. Magna International’s dividend payout ratio is currently 54.01%.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.