Brokers Issue Forecasts for Magna International Inc.'s Q3 2024 Earnings (NYSE:MGA)

Magna International Inc. (NYSE:MGA - Free Report) TSE: MG - Equities research analysts at Raymond James decreased their Q3 2024 earnings estimates for shares of Magna International in a research note issued on Monday, May 6th. Raymond James analyst M. Glen now expects that the company will earn $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 target 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 - Get Free Report) TSE: MG last issued its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $10.97 billion. During the same period last year, the business earned $1.11 earnings per share. The company's revenue for the quarter was up 2.8% on a year-over-year basis.

MGA has been the topic of a number of other research reports. StockNews.com raised Magna International from a "hold" rating to a "buy" rating in a research note on Thursday, May 2nd. Scotiabank lowered their price target on shares of Magna International from $59.00 to $55.00 and set a "sector perform" rating for the company in a report on Monday. JPMorgan Chase & Co. boosted their price objective on shares of Magna International from $69.00 to $71.00 and gave the company an "overweight" rating in a research report on Monday, April 22nd. CIBC decreased their target price on shares of Magna International from $59.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday. Finally, BMO Capital Markets lowered their target price 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. Twelve research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Magna International has an average rating of "Hold" and an average target price of $60.00.

Magna International Price Performance

Magna International stock traded up $0.48 during mid-day trading on Wednesday, hitting $47.08. 1,003,427 shares of the company were exchanged, compared to its average volume of 1,438,091. Magna International has a 12-month low of $45.75 and a 12-month high of $65.27. The company has a market capitalization of $13.53 billion, a P/E ratio of 13.24, a PEG ratio of 0.47 and a beta of 1.69. The business's 50 day simple moving average is $51.71 and its two-hundred day simple moving average is $53.89. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71.

Institutional Investors Weigh In On Magna International

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

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend is Thursday, May 16th. Magna International's dividend payout ratio (DPR) is presently 53.98%.

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.