Magna International, Inc. (MGA) Expected to Post Quarterly Sales of $9.04 Billion
Brokerages expect Magna International, Inc. (NYSE:MGA) (TSE:MG) to report $9.04 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Magna International’s earnings, with the lowest sales estimate coming in at $8.67 billion and the highest estimate coming in at $9.27 billion. Magna International reported sales of $8.85 billion in the same quarter last year, which indicates a positive year over year growth rate of 2.1%. The business is expected to report its next earnings report on Thursday, November 2nd.
On average, analysts expect that Magna International will report full-year sales of $9.04 billion for the current year, with estimates ranging from $37.78 billion to $38.57 billion. For the next fiscal year, analysts forecast that the firm will report sales of $41.11 billion per share, with estimates ranging from $39.64 billion to $42.64 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Magna International.
Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.01. Magna International had a return on equity of 20.01% and a net margin of 5.73%. The business had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.50 billion. During the same period in the prior year, the firm earned $1.41 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis.
Several research analysts have recently commented on MGA shares. Citigroup Inc. boosted their target price on Magna International from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Zacks Investment Research raised Magna International from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Wednesday, August 16th. TD Securities boosted their target price on Magna International from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, August 14th. Deutsche Bank AG reissued a “buy” rating and issued a $61.00 target price (up from $59.00) on shares of Magna International in a report on Monday, August 14th. Finally, BidaskClub raised Magna International from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $53.20.
Magna International (NYSE:MGA) traded down 0.02% during mid-day trading on Friday, reaching $54.17. The company had a trading volume of 421,804 shares. Magna International has a 52-week low of $36.77 and a 52-week high of $54.73. The company’s 50 day moving average is $50.13 and its 200 day moving average is $45.99. The stock has a market capitalization of $20.04 billion, a price-to-earnings ratio of 9.79 and a beta of 1.46.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Wednesday, August 30th. Magna International’s dividend payout ratio (DPR) is presently 19.86%.
A number of hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its position in shares of Magna International by 34.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,020,359 shares of the company’s stock valued at $93,453,000 after acquiring an additional 521,929 shares during the last quarter. DnB Asset Management AS raised its position in shares of Magna International by 1.8% during the 2nd quarter. DnB Asset Management AS now owns 1,563,041 shares of the company’s stock valued at $72,416,000 after acquiring an additional 27,384 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Magna International by 2.3% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,173,053 shares of the company’s stock valued at $54,242,000 after acquiring an additional 26,742 shares during the last quarter. Cardinal Capital Management Inc. raised its position in shares of Magna International by 2,712.5% during the 2nd quarter. Cardinal Capital Management Inc. now owns 987,200 shares of the company’s stock valued at $45,676,000 after acquiring an additional 952,100 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Magna International by 9.6% during the 2nd quarter. US Bancorp DE now owns 922,553 shares of the company’s stock valued at $42,742,000 after acquiring an additional 80,773 shares during the last quarter. Hedge funds and other institutional investors own 59.50% of the company’s stock.
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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