KeyCorp Weighs in on Magna International, Inc.’s Q3 2017 Earnings (NYSE:MGA)
Magna International, Inc. (NYSE:MGA) (TSE:MG) – Investment analysts at KeyCorp boosted their Q3 2017 EPS estimates for shares of Magna International in a research note issued on Sunday. KeyCorp analyst B. Hoselton now forecasts that the company will earn $1.37 per share for the quarter, up from their prior forecast of $1.35. KeyCorp also issued estimates for Magna International’s Q4 2017 earnings at $1.47 EPS and FY2017 earnings at $5.85 EPS.
A number of other analysts have also commented on MGA. Zacks Investment Research lowered shares of Magna International from a “hold” rating to a “sell” rating in a research report on Friday, April 28th. TD Securities upgraded shares of Magna International from a “hold” rating to a “buy” rating and upped their price objective for the company from $50.00 to $55.00 in a report on Friday, May 12th. Royal Bank Of Canada upped their price objective on shares of Magna International from $57.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, May 12th. Scotiabank upped their price objective on shares of Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, May 12th. Finally, ValuEngine downgraded shares of Magna International from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $52.56.
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Magna International (NYSE:MGA) opened at 46.23 on Tuesday. The stock’s 50 day moving average is $47.16 and its 200 day moving average is $44.36. The firm has a market cap of $17.58 billion, a price-to-earnings ratio of 8.45 and a beta of 1.44. Magna International has a 52 week low of $36.77 and a 52 week high of $48.90.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.01. The firm had revenue of $9.68 billion for the quarter, compared to analyst estimates of $9.50 billion. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.41 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, August 30th. Magna International’s dividend payout ratio (DPR) is 19.86%.
Hedge funds have recently made changes to their positions in the company. Hillsdale Investment Management Inc. increased its stake in shares of Magna International by 16.6% in the second quarter. Hillsdale Investment Management Inc. now owns 281,590 shares of the company’s stock valued at $13,048,000 after buying an additional 40,100 shares during the period. Bank of Hawaii increased its stake in shares of Magna International by 26.5% in the second quarter. Bank of Hawaii now owns 7,057 shares of the company’s stock valued at $327,000 after buying an additional 1,479 shares during the period. D.A. Davidson & CO. increased its stake in shares of Magna International by 62.5% in the second quarter. D.A. Davidson & CO. now owns 14,857 shares of the company’s stock valued at $688,000 after buying an additional 5,715 shares during the period. Quantitative Investment Management LLC bought a new stake in shares of Magna International during the second quarter valued at approximately $8,686,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Magna International during the second quarter valued at approximately $3,041,000. 60.44% of the stock is owned by institutional investors.
Magna International Company Profile
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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