Magna International (NYSE:MGA) Announces Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Magna International (NYSE:MGA) (TSE:MG) announced its quarterly earnings data on Friday. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20), Briefing.com reports. The business 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 12.53% and a net margin of 2.29%. The company’s revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 earnings per share. Magna International updated its FY 2024 guidance to EPS.

Magna International Price Performance

NYSE MGA traded up $2.50 during trading on Friday, reaching $41.97. 2,886,594 shares of the company traded hands, compared to its average volume of 1,588,298. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. The company has a market cap of $12.06 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 0.66 and a beta of 1.59. Magna International has a 1-year low of $38.01 and a 1-year high of $60.32. The stock’s 50 day moving average price is $41.34 and its two-hundred day moving average price is $43.18.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date of this dividend is Friday, November 15th. Magna International’s dividend payout ratio is 55.39%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Barclays lowered their price objective on shares of Magna International from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Wolfe Research reissued an “underperform” rating on shares of Magna International in a research report on Thursday, September 5th. Scotiabank cut their price target on Magna International from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Evercore lowered their price target on Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, July 15th. Finally, Citigroup cut their price objective on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Magna International has an average rating of “Hold” and a consensus target price of $49.65.

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.