Q2 2017 EPS Estimates for Magna International, Inc. Boosted by Cormark (MGA)
Magna International, Inc. (NYSE:MGA) (TSE:MG) – Analysts at Cormark boosted their Q2 2017 earnings estimates for Magna International in a research report issued to clients and investors on Monday. Cormark analyst D. Tyerman now expects that the company will earn $1.50 per share for the quarter, up from their previous forecast of $1.44. Cormark has a “Top Pick” rating on the stock. Cormark also issued estimates for Magna International’s Q3 2017 earnings at $1.24 EPS, FY2017 earnings at $5.82 EPS, Q1 2018 earnings at $1.71 EPS, Q2 2018 earnings at $1.75 EPS, Q3 2018 earnings at $1.57 EPS, Q4 2018 earnings at $1.83 EPS and FY2018 earnings at $6.86 EPS.
Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Thursday, May 11th. The company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.19. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The company had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. Magna International’s quarterly revenue was up 5.3% compared to the same quarter last year.
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Other analysts have also issued research reports about the stock. ValuEngine lowered shares of Magna International from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. TD Securities raised shares of Magna International from a “hold” rating to a “buy” rating and increased their price objective for the company from $50.00 to $55.00 in a research note on Friday, May 12th. BidaskClub raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Zacks Investment Research downgraded shares of Magna International from a “buy” rating to a “hold” rating in a research note on Thursday, May 18th. Finally, Scotiabank increased their price objective on shares of Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Friday, May 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Magna International presently has an average rating of “Buy” and an average target price of $50.05.
Magna International (NYSE:MGA) opened at 47.68 on Tuesday. The company has a market cap of $18.13 billion, a PE ratio of 8.72 and a beta of 1.44. Magna International has a 1-year low of $36.77 and a 1-year high of $48.35. The stock has a 50 day moving average of $45.20 and a 200-day moving average of $43.67.
Several institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank increased its position in Magna International by 4.6% in the fourth quarter. Comerica Bank now owns 29,324 shares of the company’s stock valued at $1,315,000 after buying an additional 1,288 shares during the last quarter. RKL Wealth Management LLC acquired a new position in Magna International during the first quarter valued at about $455,000. Gulf International Bank UK Ltd increased its position in Magna International by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 121,604 shares of the company’s stock valued at $5,240,000 after buying an additional 1,200 shares during the last quarter. Becker Capital Management Inc. increased its position in Magna International by 8.4% in the fourth quarter. Becker Capital Management Inc. now owns 523,205 shares of the company’s stock valued at $22,707,000 after buying an additional 40,395 shares during the last quarter. Finally, Timber Hill LLC acquired a new position in Magna International during the first quarter valued at about $852,000. 61.38% of the stock is owned by hedge funds and other institutional investors.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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