Q3 2024 Earnings Forecast for Magna International Inc. (NYSE:MGA) Issued By Raymond James

Magna International Inc. (NYSE:MGA) (TSE:MG) – Investment analysts at Raymond James dropped their Q3 2024 EPS estimates for shares of Magna International in a report released on Monday, May 6th. Raymond James analyst M. Glen now forecasts that the company will post earnings of $1.54 per share for the quarter, down from their prior estimate of $1.59. Raymond James has a “Market Perform” rating and a $57.00 price objective on the stock. The consensus estimate for Magna International’s current full-year earnings is $6.13 per share. Raymond James also issued estimates for Magna International’s Q4 2024 earnings at $1.48 EPS, FY2024 earnings at $5.60 EPS, Q1 2025 earnings at $1.68 EPS, Q2 2025 earnings at $1.82 EPS, Q3 2025 earnings at $1.75 EPS, Q4 2025 earnings at $1.68 EPS and FY2025 earnings at $6.93 EPS.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.18). Magna International had a return on equity of 12.97% and a net margin of 2.35%. 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 previous year, the firm earned $1.11 earnings per share. The company’s revenue was up 2.8% on a year-over-year basis.

Several other brokerages also recently issued reports on MGA. Wells Fargo & Company decreased their price target on Magna International from $52.00 to $49.00 and set an “equal weight” rating for the company in a report on Monday. Barclays lowered their target price on shares of Magna International from $62.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday. TD Securities cut their price target on shares of Magna International from $63.00 to $62.00 and set a “buy” rating on the stock in a report on Monday. BMO Capital Markets decreased their price objective on shares of Magna International from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Monday, February 12th. Finally, National Bankshares cut their target price on Magna International from $60.00 to $57.00 and set a “market perform” rating on the stock in a research note on Monday. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $60.00.

Magna International Stock Performance

Shares of MGA opened at $47.08 on Wednesday. The firm has a market capitalization of $13.53 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.47 and a beta of 1.69. Magna International has a 52 week low of $45.75 and a 52 week high of $65.27. The stock has a 50 day moving average price of $51.55 and a two-hundred day moving average price of $53.84. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.04%. Magna International’s payout ratio is 53.98%.

Institutional Investors Weigh In On Magna International

Large investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its position in Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after purchasing an additional 523 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in Magna International by 332.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after buying an additional 526 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new position in Magna International in the 1st quarter valued at approximately $49,000. S.A. Mason LLC raised its holdings in Magna International by 24.4% during the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after acquiring an additional 229 shares during the period. Finally, Parallel Advisors LLC lifted its position in shares of Magna International by 50.8% during the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock worth $154,000 after acquiring an additional 879 shares in the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.