Scotiabank Predicts Weaker Earnings for Magna International

Magna International Inc. (NYSE:MGA - Free Report) TSE: MG - Research analysts at Scotiabank dropped their FY2024 earnings estimates for Magna International in a report issued on Wednesday, January 8th. Scotiabank analyst J. Goldman now expects that the company will post earnings per share of $5.39 for the year, down from their prior forecast of $5.41. Scotiabank has a "Sector Perform" rating and a $52.00 price objective on the stock. The consensus estimate for Magna International's current full-year earnings is $5.22 per share.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group downgraded shares of Magna International from a "neutral" rating to a "sell" rating and cut their price target for the company from $42.00 to $41.00 in a report on Wednesday, December 11th. Wolfe Research upgraded Magna International from an "underperform" rating to a "peer perform" rating in a research report on Thursday, December 5th. StockNews.com upgraded Magna International from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Morgan Stanley cut Magna International from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $55.00 to $43.00 in a report on Wednesday, September 25th. Finally, Royal Bank of Canada cut their price target on Magna International from $42.00 to $41.00 and set a "sector perform" rating for the company in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $49.65.

Magna International Price Performance

Shares of NYSE MGA traded down $0.83 during midday trading on Friday, reaching $39.50. 1,711,143 shares of the company traded hands, compared to its average volume of 1,093,340. The stock's 50-day simple moving average is $43.39 and its 200-day simple moving average is $42.31. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14. Magna International has a 12 month low of $38.01 and a 12 month high of $59.37. The firm has a market cap of $11.26 billion, a PE ratio of 10.56, a PEG ratio of 0.81 and a beta of 1.62.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its 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 11.88% and a net margin of 2.52%. The company had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. During the same quarter last year, the business earned $1.46 EPS. Magna International's quarterly revenue was down 3.8% compared to the same quarter last year.

Hedge Funds Weigh In On Magna International

Several institutional investors have recently modified their holdings of MGA. DGS Capital Management LLC raised its position in shares of Magna International by 25.5% in the 3rd quarter. DGS Capital Management LLC now owns 9,976 shares of the company's stock valued at $409,000 after acquiring an additional 2,027 shares during the period. Toronto Dominion Bank raised its holdings in Magna International by 1.2% in the third quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company's stock worth $66,810,000 after purchasing an additional 18,704 shares during the period. Geode Capital Management LLC boosted its position in shares of Magna International by 2.9% during the third quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company's stock worth $46,799,000 after purchasing an additional 32,000 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Magna International in the 3rd quarter valued at $1,040,000. Finally, ARGA Investment Management LP bought a new stake in shares of Magna International in the 3rd quarter valued at $40,710,000. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.475 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 4.81%. Magna International's dividend payout ratio is currently 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.