Magna International (NYSE:MGA) (TSE:MG) issued its quarterly earnings results on Thursday. The company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.07, MarketWatch Earnings reports. Magna International had a net margin of 5.72% and a return on equity of 19.72%. The firm had revenue of $9.62 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the business earned $1.36 EPS. The company’s revenue was up 8.5% compared to the same quarter last year. Magna International updated its FY 2018 guidance to EPS.
Shares of MGA traded down $2.93 during midday trading on Friday, reaching $48.99. The stock had a trading volume of 128,644 shares, compared to its average volume of 1,712,972. Magna International has a one year low of $45.73 and a one year high of $67.47. The company has a market cap of $16.72 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 0.86 and a beta of 1.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.17 and a quick ratio of 0.82.
Several institutional investors and hedge funds have recently made changes to their positions in MGA. Toronto Dominion Bank grew its position in shares of Magna International by 111.8% in the 2nd quarter. Toronto Dominion Bank now owns 2,118,571 shares of the company’s stock valued at $122,854,000 after acquiring an additional 1,118,411 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Magna International by 25.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,575,923 shares of the company’s stock worth $82,485,000 after buying an additional 320,758 shares during the period. Hexavest Inc. bought a new stake in shares of Magna International during the 3rd quarter worth about $10,275,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Magna International by 19.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 981,005 shares of the company’s stock worth $57,021,000 after buying an additional 159,090 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Magna International by 10.3% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,308,221 shares of the company’s stock worth $76,091,000 after buying an additional 122,538 shares during the period. 60.18% of the stock is owned by institutional investors.
Several equities research analysts have issued reports on MGA shares. Citigroup lowered their price target on shares of Magna International from $77.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, August 9th. Barclays started coverage on shares of Magna International in a research note on Wednesday, October 10th. They issued an “equal weight” rating on the stock. Zacks Investment Research upgraded shares of Magna International from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. ValuEngine lowered shares of Magna International from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, TD Securities lowered their price target on shares of Magna International from $69.00 to $63.00 and set a “hold” rating on the stock in a research note on Thursday, August 9th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $67.67.
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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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