Magna International (NYSE:MGA) Posts Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Magna International (NYSE:MGA) (TSE:MG) posted its earnings results on Friday. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20), Briefing.com reports. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The company had revenue of $10.28 billion during the quarter, compared to analyst estimates of $10.34 billion. During the same quarter last year, the business posted $1.46 EPS. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. Magna International updated its FY 2024 guidance to EPS.

Magna International Stock Up 6.3 %

Magna International stock traded up $2.50 during mid-day trading on Friday, hitting $41.97. The company had a trading volume of 2,886,594 shares, compared to its average volume of 1,588,298. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The business has a fifty day moving average of $41.34 and a 200 day moving average of $43.18. The stock has a market cap of $12.06 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 0.66 and a beta of 1.59.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.53%. The ex-dividend date is Friday, November 15th. Magna International’s payout ratio is 55.39%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGA. TD Securities dropped their price objective on Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, September 30th. CIBC cut their price target on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Scotiabank lowered their price objective on shares of Magna International from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 6th. Evercore ISI dropped their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, July 15th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $49.65.

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.