Cormark Analysts Decrease Earnings Estimates for Magna International Inc. (MG)
Magna International Inc. (TSE:MG) (NYSE:MGA) – Research analysts at Cormark reduced their FY2017 earnings per share (EPS) estimates for shares of Magna International in a report released on Wednesday. Cormark analyst D. Tyerman now expects that the company will post earnings of $7.48 per share for the year, down from their previous estimate of $7.64. Cormark also issued estimates for Magna International’s Q1 2018 earnings at $2.17 EPS, Q2 2018 earnings at $2.23 EPS, Q3 2018 earnings at $1.91 EPS, Q4 2018 earnings at $2.17 EPS, FY2018 earnings at $8.49 EPS, Q1 2019 earnings at $2.52 EPS, Q2 2019 earnings at $2.62 EPS, Q3 2019 earnings at $2.26 EPS, Q4 2019 earnings at $2.57 EPS and FY2019 earnings at $9.96 EPS.
Magna International (TSE:MG) (NYSE:MGA) last posted its earnings results on Thursday, November 9th. The company reported C$1.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of C$1.67 by C$0.04. Magna International had a return on equity of 18.56% and a net margin of 5.39%.
In other Magna International news, Director Tommy Joseph Skudutis sold 84,000 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of C$71.08, for a total transaction of C$5,970,720.00. Also, insider Marc Joseph Neeb sold 43,332 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of C$67.20, for a total value of C$2,911,910.40. Insiders sold a total of 531,122 shares of company stock valued at $36,350,412 over the last three months.
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About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers engineering and contract manufacturing services, and fuel systems; electric/electronic components and systems; roof systems comprising softtops, retractable hardtops, modular tops, and hardtops; and closures, including latching systems, hinges and wire forming, power closures, electronics, door modules, window systems engineered glass, sealing, trim and roof racks, roof systems, testing centers, and running boards.
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