Equities Analysts Set Expectations for MGA FY2024 Earnings

Magna International Inc. (NYSE:MGA) (TSE:MG) – Equities researchers at Scotiabank cut their FY2024 earnings per share (EPS) estimates for Magna International in a report issued on Wednesday, January 8th. Scotiabank analyst J. Goldman now forecasts that the company will post earnings per share of $5.39 for the year, down from their previous forecast of $5.41. Scotiabank currently has a “Sector Perform” rating and a $52.00 price target on the stock. The consensus estimate for Magna International’s current full-year earnings is $5.22 per share.

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

Other equities analysts have also recently issued reports about the company. StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Royal Bank of Canada lowered their target price on Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, November 4th. TD Securities cut their price target on Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Wells Fargo & Company lowered their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, December 16th. Finally, Wolfe Research upgraded shares of Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $49.65.

Magna International Trading Down 2.1 %

Shares of MGA stock opened at $39.50 on Friday. 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 $59.37. The stock has a market capitalization of $11.26 billion, a P/E ratio of 10.56, a P/E/G ratio of 0.81 and a beta of 1.62. The firm’s 50 day moving average is $43.39 and its 200 day moving average is $42.31.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kennebec Savings Bank purchased a new stake in Magna International during the 3rd quarter valued at approximately $32,000. Grove Bank & Trust boosted its stake in Magna International by 70.4% during the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock valued at $34,000 after buying an additional 343 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of 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 in the last quarter. Tobam lifted its position in Magna International by 94.3% during the third quarter. Tobam now owns 4,373 shares of the company’s stock valued at $179,000 after purchasing an additional 2,122 shares during the last quarter. Finally, Arkadios Wealth Advisors purchased a new position in shares of Magna International in the 3rd quarter worth $216,000. 67.49% of the stock is currently owned by institutional investors.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.81%. The ex-dividend date of this dividend was Friday, November 15th. Magna International’s dividend payout ratio (DPR) is presently 50.80%.

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.