Raymond James Issues Pessimistic Forecast for MGA Earnings

Magna International Inc. (NYSE:MGA - Free Report) TSE: MG - Equities researchers at Raymond James reduced their FY2024 earnings estimates for shares of Magna International in a research note issued on Monday, November 4th. Raymond James analyst M. Glen now expects that the company will post earnings of $5.08 per share for the year, down from their previous estimate of $5.48. Raymond James has a "Market Perform" rating and a $53.00 price objective 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 a number of other reports. StockNews.com upgraded shares of Magna International from a "hold" rating to a "buy" rating in a research report on Monday. Barclays dropped their price target on shares of Magna International from $55.00 to $50.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 6th. UBS Group increased their price target on Magna International from $44.00 to $45.00 and gave the company a "neutral" rating in a research report on Monday. BMO Capital Markets decreased their price objective on shares of Magna International from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Monday, July 22nd. Finally, TD Securities lowered their price objective on Magna International from $53.00 to $52.00 and set a "buy" rating for the company in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Magna International presently has an average rating of "Hold" and a consensus target price of $49.76.

Magna International Price Performance

Shares of NYSE:MGA traded up $0.45 during trading on Tuesday, reaching $42.59. 2,167,821 shares of the company's stock traded hands, compared to its average volume of 1,591,627. 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 fifty-two week low of $38.01 and a fifty-two week high of $60.32. The company has a 50-day simple moving average of $41.33 and a 200-day simple moving average of $43.07. The firm has a market cap of $12.24 billion, a PE ratio of 11.27, a P/E/G ratio of 0.67 and a beta of 1.59.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing analysts' consensus estimates of $1.48 by ($0.20). Magna International had a return on equity of 12.03% and a net margin of 2.52%. The company had revenue of $10.28 billion during the quarter, compared to analysts' expectations of $10.34 billion. During the same quarter in the previous year, the company earned $1.46 EPS. The firm's quarterly revenue was down 3.8% compared to the same quarter last year.

Hedge Funds Weigh In On Magna International

A number of large investors have recently made changes to their positions in MGA. Toronto Dominion Bank boosted its position in Magna International by 1.9% during the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company's stock worth $67,426,000 after purchasing an additional 30,361 shares in the last quarter. Quantbot Technologies LP purchased a new position in Magna International during the 1st quarter valued at about $1,009,000. Forsta AP Fonden raised its position in Magna International by 20.4% during the first quarter. Forsta AP Fonden now owns 64,800 shares of the company's stock worth $3,533,000 after acquiring an additional 11,000 shares during the last quarter. LRI Investments LLC acquired a new position in Magna International during the first quarter worth about $36,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Magna International by 202.7% in the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company's stock valued at $1,433,000 after purchasing an additional 17,611 shares in the last quarter. Hedge funds and other institutional investors own 67.49% of the company's stock.

Magna International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 4.46%. Magna International's payout ratio is currently 50.80%.

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.