Raymond James Issues Pessimistic Estimate for MGA Earnings

Magna International Inc. (NYSE:MGA) (TSE:MG) – Stock analysts at Raymond James reduced their Q4 2024 EPS estimates for Magna International in a research note issued on Monday, November 4th. Raymond James analyst M. Glen now forecasts that the company will earn $1.35 per share for the quarter, down from their prior forecast of $1.49. Raymond James has a “Market Perform” rating and a $53.00 price objective on the stock. The consensus estimate for Magna International’s current full-year earnings is $5.30 per share.

Magna International (NYSE:MGA) (TSE:MG) last issued 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). Magna International had a return on equity of 11.88% and a net margin of 2.52%. The company had revenue of $10.28 billion for the quarter, compared to analysts’ expectations of $10.34 billion. During the same quarter last year, the company earned $1.46 EPS. Magna International’s revenue for the quarter was down 3.8% compared to the same quarter last year.

Several other research firms have also recently weighed in on MGA. UBS Group boosted their target price on Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday. Barclays lowered their price target on Magna International from $55.00 to $50.00 and set an “equal weight” 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 cut their price objective for the stock from $55.00 to $43.00 in a research report on Wednesday, September 25th. Royal Bank of Canada reduced their price target on Magna International from $42.00 to $41.00 and set a “sector perform” rating for the company in a report on Monday. Finally, Bank of America reduced their price objective on shares of Magna International from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $49.76.

Magna International Price Performance

Magna International stock opened at $42.13 on Wednesday. The stock has a market cap of $12.11 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 0.68 and a beta of 1.59. 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 fifty day simple moving average of $41.34 and a 200-day simple moving average of $43.02. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Toronto Dominion Bank raised its holdings in Magna International by 1.9% in the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after buying an additional 30,361 shares during the period. Quantbot Technologies LP purchased a new stake in Magna International during the 1st quarter worth $1,009,000. Forsta AP Fonden increased its holdings in Magna International by 20.4% in the 1st quarter. Forsta AP Fonden now owns 64,800 shares of the company’s stock valued at $3,533,000 after purchasing an additional 11,000 shares in the last quarter. LRI Investments LLC purchased a new position in Magna International in the first quarter valued at about $36,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Magna International by 202.7% in the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock valued at $1,433,000 after buying an additional 17,611 shares in the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.475 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 4.51%. 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.