Analysts Anticipate Magna International Inc. (MGA) Will Announce Earnings of $1.49 Per Share

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Analysts forecast that Magna International Inc. (NYSE:MGA) (TSE:MG) will post $1.49 earnings per share for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Magna International’s earnings, with estimates ranging from $1.43 to $1.55. Magna International posted earnings per share of $1.36 during the same quarter last year, which suggests a positive year-over-year growth rate of 9.6%. The business is expected to report its next earnings results before the market opens on Thursday, November 8th.

On average, analysts expect that Magna International will report full year earnings of $6.77 per share for the current financial year, with EPS estimates ranging from $6.60 to $7.01. For the next year, analysts anticipate that the business will post earnings of $7.23 per share, with EPS estimates ranging from $5.70 to $8.05. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that cover Magna International.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Wednesday, August 8th. The company reported $1.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.07). The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.45 billion. Magna International had a net margin of 5.72% and a return on equity of 19.72%. Magna International’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the company earned $1.48 earnings per share.

A number of equities research analysts have recently issued reports on MGA shares. Citigroup dropped their price target on Magna International from $77.00 to $69.00 and set a “buy” rating for the company in a research report on Thursday, August 9th. Barclays assumed coverage on Magna International in a research report on Wednesday, October 10th. They issued an “equal weight” rating for the company. Zacks Investment Research upgraded Magna International from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine lowered Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Finally, TD Securities lowered their price objective on Magna International from $69.00 to $63.00 and set a “hold” rating for the company in a research report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. Magna International presently has a consensus rating of “Buy” and an average target price of $67.53.

Shares of MGA stock traded up $0.83 during trading hours on Monday, reaching $49.19. The company had a trading volume of 173,733 shares, compared to its average volume of 1,815,780. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.17 and a quick ratio of 0.82. The firm has a market capitalization of $16.31 billion, a PE ratio of 8.44, a price-to-earnings-growth ratio of 0.84 and a beta of 1.36. Magna International has a 12-month low of $45.73 and a 12-month high of $67.47.

Large investors have recently added to or reduced their stakes in the business. Midas Management Corp lifted its stake in Magna International by 16.0% during the third quarter. Midas Management Corp now owns 61,500 shares of the company’s stock worth $3,231,000 after purchasing an additional 8,500 shares in the last quarter. Glen Harbor Capital Management LLC acquired a new stake in shares of Magna International in the second quarter valued at $140,000. Nomura Holdings Inc. raised its stake in shares of Magna International by 48.8% in the second quarter. Nomura Holdings Inc. now owns 11,047 shares of the company’s stock valued at $642,000 after acquiring an additional 3,624 shares in the last quarter. Nikko Asset Management Americas Inc. raised its stake in shares of Magna International by 46.6% in the third quarter. Nikko Asset Management Americas Inc. now owns 136,480 shares of the company’s stock valued at $7,572,000 after acquiring an additional 43,396 shares in the last quarter. Finally, Meadow Creek Investment Management LLC acquired a new stake in shares of Magna International in the second quarter valued at $116,000. Institutional investors own 59.65% of the company’s stock.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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