Equities analysts forecast that Magna International Inc. (NYSE:MGA) (TSE:MG) will post sales of $10.05 billion for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Magna International’s earnings. The highest sales estimate is $10.33 billion and the lowest is $9.91 billion. Magna International reported sales of $9.50 billion during the same quarter last year, which indicates a positive year over year growth rate of 5.8%. The firm is expected to issue its next earnings report on Thursday, November 8th.
On average, analysts expect that Magna International will report full year sales of $41.50 billion for the current year, with estimates ranging from $41.50 billion to $41.51 billion. For the next financial year, analysts expect that the firm will report sales of $43.50 billion per share, with estimates ranging from $42.63 billion to $45.01 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Magna International.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Wednesday, August 8th. The company reported $1.67 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.07). The firm had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.45 billion. Magna International had a return on equity of 19.72% and a net margin of 5.72%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.48 EPS.
Several equities analysts have recently commented on the stock. Evercore ISI assumed coverage on shares of Magna International in a research report on Monday, May 14th. They set an “outperform” rating and a $80.00 price target for the company. TD Securities upped their price target on shares of Magna International from $65.00 to $69.00 and gave the stock a “hold” rating in a research report on Friday, May 11th. ValuEngine lowered shares of Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Zacks Investment Research lowered shares of Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, July 19th. Finally, Citigroup lowered their price target on shares of Magna International from $77.00 to $69.00 and set a “buy” 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 assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $65.88.
A number of institutional investors and hedge funds have recently made changes to their positions in MGA. Horizon Investment Services LLC lifted its holdings in Magna International by 69.1% in the 1st quarter. Horizon Investment Services LLC now owns 78,334 shares of the company’s stock valued at $4,414,000 after acquiring an additional 32,004 shares during the last quarter. Sentry Investments Corp. lifted its holdings in Magna International by 7.0% in the 1st quarter. Sentry Investments Corp. now owns 2,554,300 shares of the company’s stock valued at $185,366,000 after acquiring an additional 166,400 shares during the last quarter. Teza Capital Management LLC acquired a new stake in Magna International in the 1st quarter valued at about $403,000. Private Advisor Group LLC acquired a new stake in Magna International in the 1st quarter valued at about $599,000. Finally, M&T Bank Corp lifted its holdings in Magna International by 18.0% in the 1st quarter. M&T Bank Corp now owns 9,585 shares of the company’s stock valued at $541,000 after acquiring an additional 1,464 shares during the last quarter. Hedge funds and other institutional investors own 61.01% of the company’s stock.
Shares of Magna International stock traded up $0.54 during trading on Friday, hitting $55.15. 98,174 shares of the stock were exchanged, compared to its average volume of 1,265,974. The firm has a market capitalization of $18.39 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.90 and a beta of 1.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.82 and a current ratio of 1.17. Magna International has a 12 month low of $45.90 and a 12 month high of $67.47.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Investors of record on Friday, August 31st will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, August 30th. This is a positive change from Magna International’s previous quarterly dividend of $0.26. Magna International’s dividend payout ratio is currently 22.15%.
About Magna International
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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