Magna International (NYSE:MGA) Releases Quarterly Earnings Results

Magna International (NYSE:MGA - Get Free Report) TSE: MG issued its quarterly earnings results on Friday. The company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.18), RTT News reports. The firm had revenue of $10.97 billion during the quarter, compared to analysts' expectations of $10.97 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The firm's revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.11 EPS. Magna International updated its FY 2024 guidance to EPS.

Magna International Price Performance

Shares of NYSE:MGA traded down $1.72 during midday trading on Friday, reaching $46.70. 3,988,059 shares of the company's stock were exchanged, compared to its average volume of 1,676,348. The company's 50 day simple moving average is $52.00 and its two-hundred day simple moving average is $53.93. The firm has a market capitalization of $13.42 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 0.49 and a beta of 1.69. Magna International has a 12 month low of $46.11 and a 12 month high of $65.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06.

Magna International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Thursday, May 16th. Magna International's payout ratio is 45.02%.

Wall Street Analyst Weigh In

Several brokerages recently commented on MGA. Royal Bank of Canada reduced their price target on shares of Magna International from $61.00 to $60.00 and set a "sector perform" rating for the company in a research report on Monday, February 12th. CIBC dropped their price objective on shares of Magna International from $61.00 to $59.00 and set a "neutral" rating on the stock in a research note on Friday, April 19th. Wells Fargo & Company dropped their price objective on shares of Magna International from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Monday, February 12th. Citigroup dropped their price objective on shares of Magna International from $60.00 to $57.00 and set a "neutral" rating on the stock in a research note on Monday, February 12th. Finally, TD Securities dropped their price objective on shares of Magna International from $69.00 to $63.00 and set a "buy" rating on the stock in a research note on Monday, April 22nd. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $62.50.

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.