Raymond James Has Pessimistic Outlook of MGA FY2024 Earnings

Magna International Inc. (NYSE:MGA) (TSE:MG) – Investment analysts at Raymond James reduced their FY2024 earnings estimates for shares of Magna International in a research report issued to clients and investors on Monday, November 4th. Raymond James analyst M. Glen now expects that the company will post earnings of $5.08 per share for the year, down from their prior estimate 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.

A number of other analysts have also issued reports on the stock. Bank of America cut their price target on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. CIBC reduced their target price on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. Morgan Stanley downgraded shares of Magna International from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $55.00 to $43.00 in a research note on Wednesday, September 25th. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Citigroup decreased their target price on Magna International from $52.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, July 12th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $49.76.

Magna International Price Performance

MGA stock opened at $42.13 on Tuesday. The business’s fifty day moving average price is $41.34 and its 200 day moving average price is $43.02. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $12.11 billion, a PE ratio of 11.26, a P/E/G ratio of 0.68 and a beta of 1.59.

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 analysts’ consensus estimates of $1.48 by ($0.20). Magna International had a return on equity of 11.88% and a net margin of 2.52%. The firm had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis.

Magna International Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Magna International in the second quarter valued at $28,000. Kennebec Savings Bank purchased a new position in shares of Magna International during the third quarter worth about $32,000. Grove Bank & Trust grew its holdings in shares of Magna International by 70.4% during the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after buying an additional 343 shares during the last quarter. LRI Investments LLC acquired a new position in Magna International in the 1st quarter valued at about $36,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after acquiring an additional 513 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

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.