FY2024 EPS Estimate for Magna International Cut by Analyst

Magna International Inc. (NYSE:MGA) (TSE:MG) – Raymond James decreased their FY2024 EPS estimates for shares of Magna International in a report issued on Monday, November 4th. Raymond James analyst M. Glen now anticipates that the company will earn $5.08 per share for the year, down from their previous forecast of $5.48. Raymond James currently has a “Market Perform” rating and a $53.00 target price on the stock. The consensus estimate for Magna International’s current full-year earnings is $5.30 per share. Raymond James also issued estimates for Magna International’s Q1 2025 earnings at $1.54 EPS, Q2 2025 earnings at $1.62 EPS, Q3 2025 earnings at $1.51 EPS, Q4 2025 earnings at $1.50 EPS and FY2025 earnings at $6.17 EPS.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. Magna International had a return on equity of 11.88% and a net margin of 2.52%. Magna International’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share.

Several other research firms have also weighed in on MGA. Scotiabank lifted their target price on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Monday. Evercore ISI decreased their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, July 15th. Citigroup lowered their target price on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. The Goldman Sachs Group reduced their price target on Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Finally, Wolfe Research reissued an “underperform” rating on shares of Magna International in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Magna International presently has an average rating of “Hold” and an average target price of $49.76.

Magna International Trading Down 1.1 %

Shares of NYSE:MGA opened at $42.13 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The business has a 50 day moving average of $41.34 and a two-hundred day moving average of $43.02. The company has a market capitalization of $12.11 billion, a PE ratio of 11.26, a PEG ratio of 0.68 and a beta of 1.59.

Institutional Investors Weigh In On Magna International

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. LRI Investments LLC acquired a new position in Magna International in the 1st quarter valued at about $36,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Magna International in the second quarter valued at approximately $28,000. Kennebec Savings Bank purchased a new position in Magna International in the third quarter worth approximately $32,000. Grove Bank & Trust grew its position in Magna International by 70.4% in the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after acquiring an additional 343 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its position in Magna International by 84.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after purchasing an additional 513 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.475 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a yield of 4.51%. Magna International’s payout ratio is 50.80%.

About Magna International

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.