Raymond James Has Bearish Forecast for MGA FY2024 Earnings

Magna International Inc. (NYSE:MGA) (TSE:MG) – Equities research analysts at Raymond James cut their FY2024 earnings estimates for Magna International in a research report issued to clients and investors on Monday, November 4th. Raymond James analyst M. Glen now anticipates that the company will earn $5.08 per share for the year, down from their previous forecast of $5.48. Raymond James has a “Market Perform” rating and a $53.00 price target on the stock. The consensus estimate for Magna International’s current full-year earnings is $5.40 per share. Raymond James also issued estimates for Magna International’s Q1 2025 earnings at $1.54 EPS, Q2 2025 earnings at $1.62 EPS, Q3 2025 earnings at $1.51 EPS, Q4 2025 earnings at $1.50 EPS and FY2025 earnings at $6.17 EPS.

MGA has been the topic of several other reports. Scotiabank boosted their price target on shares of Magna International from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Monday. The Goldman Sachs Group cut their price objective on Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Barclays cut their price objective on Magna International from $55.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Royal Bank of Canada cut their price objective on Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday. Finally, UBS Group boosted their price objective on Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $49.76.

Magna International Price Performance

Shares of Magna International stock opened at $42.14 on Tuesday. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The company’s 50-day moving average price is $41.33 and its two-hundred day moving average price is $43.07. Magna International has a 52 week low of $38.01 and a 52 week high of $60.32. The stock has a market cap of $12.11 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 0.67 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a return on equity of 12.03% and a net margin of 2.52%. The business had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. During the same quarter last year, the firm posted $1.46 earnings per share. Magna International’s revenue was down 3.8% compared to the same quarter last year.

Institutional Investors Weigh In On Magna International

Large investors have recently made changes to their positions in the company. Toronto Dominion Bank grew its stake in shares of Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after buying an additional 30,361 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Magna International in the 1st quarter valued at approximately $1,009,000. Forsta AP Fonden grew its stake in shares of Magna International by 20.4% in the 1st quarter. Forsta AP Fonden now owns 64,800 shares of the company’s stock valued at $3,533,000 after buying an additional 11,000 shares in the last quarter. LRI Investments LLC bought a new stake in Magna International during the first quarter worth approximately $36,000. Finally, BNP Paribas Financial Markets boosted its position in Magna International by 202.7% during the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock worth $1,433,000 after purchasing an additional 17,611 shares during the period. Institutional investors own 67.49% of the company’s stock.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 4.51%. Magna International’s payout ratio is 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.