Magna International (NYSE:MGA) Releases Quarterly Earnings Results

Magna International (NYSE:MGA) (TSE:MG) issued its quarterly earnings results on Friday. The company reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18), RTT News reports. Magna International had a return on equity of 13.15% and a net margin of 2.83%. The business had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. During the same period in the prior year, the business posted $1.11 earnings per share. Magna International’s revenue was up 2.8% on a year-over-year basis. Magna International updated its FY 2024 guidance to EPS.

Magna International Stock Performance

Shares of NYSE:MGA traded down $1.72 during midday trading on Friday, reaching $46.70. The company’s stock had a trading volume of 3,988,059 shares, compared to its average volume of 1,676,348. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average of $52.00 and a 200 day moving average of $53.92. Magna International has a twelve month low of $46.11 and a twelve month high of $65.27. The firm has a market capitalization of $13.42 billion, a PE ratio of 11.07, a P/E/G ratio of 0.49 and a beta of 1.69.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.07%. The ex-dividend date is Thursday, May 16th. Magna International’s payout ratio is 45.02%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MGA shares. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research report on Thursday. Evercore cut shares of Magna International from an “outperform” rating to an “in-line” rating and dropped their target price for the stock from $75.00 to $62.00 in a report on Monday, April 15th. Wells Fargo & Company dropped their price objective on shares of Magna International from $60.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, February 12th. JPMorgan Chase & Co. lifted their target price on Magna International from $69.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Finally, Scotiabank reduced their price objective on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $62.50.

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.