$9.47 Billion in Sales Expected for Magna International, Inc. (NYSE:MGA) This Quarter
Analysts forecast that Magna International, Inc. (NYSE:MGA) (TSE:MG) will announce $9.47 billion in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Magna International’s earnings, with estimates ranging from $9.28 billion to $9.81 billion. Magna International posted sales of $9.44 billion in the same quarter last year, which suggests a positive year over year growth rate of 0.3%. The business is expected to announce its next earnings report before the market opens on Friday, August 11th.
On average, analysts expect that Magna International will report full year sales of $9.47 billion for the current financial year, with estimates ranging from $37.03 billion to $37.78 billion. For the next year, analysts forecast that the firm will report sales of $40.20 billion per share, with estimates ranging from $39.04 billion to $41.27 billion. Zacks’ sales averages are a mean average based on a survey of research firms that cover Magna International.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Thursday, May 11th. The company reported $1.53 EPS for the quarter, topping the Zacks’ consensus estimate of $1.34 by $0.19. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The firm had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same period in the previous year, the business posted $1.22 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year.
Several research analysts have recently weighed in on MGA shares. ValuEngine downgraded Magna International from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. TD Securities upgraded Magna International from a “hold” rating to a “buy” rating and lifted their price target for the company from $50.00 to $55.00 in a research report on Friday, May 12th. BidaskClub raised Magna International from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research cut Magna International from a “buy” rating to a “hold” rating in a report on Thursday, May 18th. Finally, Scotiabank raised their price objective on Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, May 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $51.00.
Magna International (NYSE:MGA) traded down 2.46% during trading on Friday, reaching $47.61. 1,528,015 shares of the company’s stock were exchanged. The firm’s 50-day moving average price is $46.12 and its 200-day moving average price is $43.94. The firm has a market cap of $18.10 billion, a price-to-earnings ratio of 8.70 and a beta of 1.44. Magna International has a 12 month low of $36.77 and a 12 month high of $48.90.
Large investors have recently added to or reduced their stakes in the company. Becker Capital Management Inc. increased its stake 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 period. Cardinal Capital Management Inc. acquired a new position in Magna International during the first quarter valued at $1,512,000. Osborn Williams & Donohoe LLC boosted its position in Magna International by 521.4% in the first quarter. Osborn Williams & Donohoe LLC now owns 52,132 shares of the company’s stock valued at $2,250,000 after buying an additional 43,742 shares in the last quarter. Gulf International Bank UK Ltd boosted 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 in the last quarter. Finally, Capstone Asset Management Co. boosted its position in Magna International by 9.4% in the first quarter. Capstone Asset Management Co. now owns 176,337 shares of the company’s stock valued at $7,611,000 after buying an additional 15,128 shares in the last quarter. 61.38% of the stock is currently owned by institutional investors and hedge funds.
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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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