FY2017 Earnings Estimate for Magna International, Inc. (MGA) Issued By KeyCorp
Magna International, Inc. (NYSE:MGA) (TSE:MG) – Equities research analysts at KeyCorp boosted their FY2017 earnings estimates for shares of Magna International in a report issued on Friday. KeyCorp analyst B. Hoselton now anticipates that the company will earn $5.87 per share for the year, up from their previous estimate of $5.85. KeyCorp has a “Buy” rating and a $59.00 price target on the stock.
Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, August 11th. The company reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.01. The business had revenue of $9.68 billion for the quarter, compared to analyst estimates of $9.50 billion. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $1.41 earnings per share.
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Several other brokerages have also commented on MGA. Zacks Investment Research lowered shares of Magna International from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. ValuEngine lowered shares of Magna International from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Citigroup Inc. upped their price objective on shares of Magna International from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Royal Bank Of Canada upped their price objective on shares of Magna International from $60.00 to $61.00 and gave the stock an “outperform” rating in a report on Monday, August 14th. Finally, BMO Capital Markets restated a “hold” rating and issued a $47.00 price objective on shares of Magna International in a report on Friday, September 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $54.80.
Magna International (NYSE:MGA) opened at 54.79 on Monday. The stock has a market capitalization of $20.27 billion, a price-to-earnings ratio of 9.90 and a beta of 1.46. Magna International has a 12 month low of $36.77 and a 12 month high of $55.70. The stock’s 50 day moving average is $51.54 and its 200-day moving average is $46.53.
Several institutional investors have recently modified their holdings of MGA. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in shares of Magna International by 36.5% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 19,661 shares of the company’s stock valued at $846,000 after buying an additional 5,261 shares in the last quarter. Laurel Wealth Advisors Inc. acquired a new stake in Magna International during the 1st quarter worth $220,000. DnB Asset Management AS boosted its stake in Magna International by 1.8% during the 2nd quarter. DnB Asset Management AS now owns 1,563,041 shares of the company’s stock worth $72,416,000 after purchasing an additional 27,384 shares during the period. KAMES CAPITAL plc boosted its stake in Magna International by 30.9% during the 2nd quarter. KAMES CAPITAL plc now owns 26,581 shares of the company’s stock worth $1,228,000 after purchasing an additional 6,273 shares during the period. Finally, Cardinal Capital Management Inc. boosted its stake in Magna International by 2,712.5% during the 2nd quarter. Cardinal Capital Management Inc. now owns 987,200 shares of the company’s stock worth $45,676,000 after purchasing an additional 952,100 shares during the period. Institutional investors and hedge funds own 59.41% 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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