Magna International (NYSE:MGA) Issues Quarterly Earnings Results

Magna International (NYSE:MGA) (TSE:MG) announced its quarterly earnings data on Friday. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.11), Briefing.com reports. Magna International had a net margin of 2.35% and a return on equity of 12.96%. The firm had revenue of $10.96 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same quarter in the prior year, the firm earned $1.50 earnings per share. The firm’s revenue for the quarter was down .2% on a year-over-year basis. Magna International updated its FY 2024 guidance to EPS.

Magna International Trading Down 6.0 %

MGA traded down $2.58 during trading on Friday, reaching $40.43. 3,694,438 shares of the stock traded hands, compared to its average volume of 1,528,292. The company has a quick ratio of 0.76, a current ratio of 1.09 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $11.62 billion, a PE ratio of 11.49, a P/E/G ratio of 0.59 and a beta of 1.59. The stock’s 50-day moving average is $43.40 and its 200 day moving average is $49.21. Magna International has a 12 month low of $40.11 and a 12 month high of $65.27.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.70%. Magna International’s dividend payout ratio (DPR) is currently 53.98%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BNP Paribas upgraded shares of Magna International from a “neutral” rating to an “outperform” rating in a research report on Monday, July 1st. National Bankshares lowered their price target on shares of Magna International from $60.00 to $57.00 and set a “market perform” rating for the company in a report on Monday, May 6th. Raymond James lowered their price target on shares of Magna International from $60.00 to $57.00 and set a “market perform” rating for the company in a report on Monday, May 6th. JPMorgan Chase & Co. lowered their price target on shares of Magna International from $69.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Finally, Scotiabank lowered their price target on shares of Magna International from $59.00 to $55.00 and set a “sector perform” rating for the company in a report on Monday, May 6th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $53.82.

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.