Scotiabank Has Negative Outlook of MGA FY2024 Earnings

Magna International Inc. (NYSE:MGA) (TSE:MG) – Equities research analysts at Scotiabank lowered their FY2024 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 of $5.39 per share for the year, down from their previous forecast of $5.41. Scotiabank has a “Sector Perform” rating and a $52.00 price objective 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 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 company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. During the same period last year, the firm earned $1.46 earnings per share. Magna International’s revenue for the quarter was down 3.8% on a year-over-year basis.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada cut their price target on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, November 4th. Morgan Stanley cut Magna International from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $55.00 to $43.00 in a research note on Wednesday, September 25th. TD Securities lowered their price target on Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, September 30th. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, UBS Group upped their target price on Magna International from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $49.65.

Magna International Stock Down 2.1 %

Shares of NYSE MGA opened at $39.50 on Friday. The firm’s fifty day moving average is $43.39 and its 200 day moving average is $42.31. Magna International has a 52 week low of $38.01 and a 52 week high of $59.37. The company has a quick ratio of 0.77, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 0.81 and a beta of 1.62.

Institutional Trading of Magna International

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ARGA Investment Management LP purchased a new stake in shares of Magna International in the third quarter worth $40,710,000. JARISLOWSKY FRASER Ltd grew its position in Magna International by 5.9% during the 2nd 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 during the last quarter. Quantbot Technologies LP grew its position in Magna International by 616.1% during the 2nd quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after purchasing an additional 114,160 shares during the last quarter. Millennium Management LLC increased its stake in Magna International by 135.5% during the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after purchasing an additional 93,637 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Magna International by 117,113.9% in the third quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after buying an additional 84,322 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.475 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.81%. Magna International’s dividend payout ratio is currently 50.80%.

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.