Magna International Trading 4.8% Higher on Earnings Beat (MGA)
Shares of Magna International (NYSE:MGA) traded up 4.8% during trading on Friday after the company announced better than expected quarterly earnings, Analyst Ratings Network.com reports. The stock traded as high as $110.30 and last traded at $110.25, with a volume of 587,262 shares changing hands. The stock had previously closed at $105.16.
The company reported $2.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.22 by $0.10. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter in the prior year, the company posted $1.78 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 12th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.45%.
MGA has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. reiterated a “hold” rating on shares of Magna International in a research note on Tuesday, July 22nd. They now have a $116.00 price target on the stock, up previously from $107.00. Separately, analysts at Scotiabank reiterated a “sector outperform” rating on shares of Magna International in a research note on Thursday, June 26th. Finally, analysts at Citigroup Inc. reiterated a “hold” rating on shares of Magna International in a research note on Tuesday, May 13th. They now have a $107.00 price target on the stock, up previously from $99.00. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Magna International presently has an average rating of “Buy” and a consensus price target of $107.64.
The stock’s 50-day moving average is $109.0 and its 200-day moving average is $99.19. The company has a market cap of $24.259 billion and a P/E ratio of 15.12.
Magna International Inc (NYSE:MGA) is a diversified global automotive supplier.
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