Research Analysts Set Expectations for MGA FY2024 Earnings

Magna International Inc. (NYSE:MGA) (TSE:MG) – Investment analysts at Scotiabank lowered their FY2024 earnings per share 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 $5.39 for the year, down from their prior forecast of $5.41. Scotiabank 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.

A number of other research analysts have also recently weighed in on the company. UBS Group lifted their price target on Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Royal Bank of Canada lowered their price objective on Magna International from $42.00 to $41.00 and set a “sector perform” rating for the company in a research report on Monday, November 4th. Morgan Stanley lowered Magna International from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $55.00 to $43.00 in a research note on Wednesday, September 25th. Wolfe Research raised Magna International from an “underperform” rating to a “peer perform” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company dropped their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $49.65.

Magna International Trading Down 3.6 %

Shares of MGA stock opened at $40.33 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. The business’s fifty day moving average price is $43.38 and its 200 day moving average price is $42.32. Magna International has a 1-year low of $38.01 and a 1-year high of $59.37. The firm has a market capitalization of $11.50 billion, a PE ratio of 10.78, a P/E/G ratio of 0.81 and a beta of 1.62.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, November 1st. The company reported $1.28 EPS 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 analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.46 EPS.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. JARISLOWSKY FRASER Ltd raised its stake in shares of Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after purchasing an additional 395,745 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Magna International by 1.2% during the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock worth $66,810,000 after acquiring an additional 18,704 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Magna International by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock worth $46,799,000 after acquiring an additional 32,000 shares during the last quarter. ARGA Investment Management LP acquired a new position in shares of Magna International in the 3rd quarter worth $40,710,000. Finally, Janney Montgomery Scott LLC raised its position in shares of Magna International by 11.4% during the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock worth $8,644,000 after purchasing an additional 21,532 shares during the period. 67.49% of the stock is currently owned by institutional investors.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 annualized dividend and a yield of 4.71%. Magna International’s dividend payout ratio 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.