Magna International Inc. (NYSE:MGA) (TSE:MG) – Analysts at Cormark lifted their FY2020 earnings per share (EPS) estimates for Magna International in a research note issued to investors on Wednesday. Cormark analyst D. Tyerman now expects that the company will earn $9.44 per share for the year, up from their prior forecast of $9.20. Cormark also issued estimates for Magna International’s FY2021 earnings at $10.65 EPS.
Several other research firms also recently commented on MGA. BMO Capital Markets restated a “hold” rating and set a $61.00 price objective on shares of Magna International in a report on Thursday. TD Securities downgraded Magna International from a “buy” rating to a “hold” rating and raised their price objective for the stock from $62.00 to $65.00 in a report on Friday. Macquarie restated an “outperform” rating and set a $72.00 price objective (up from $59.00) on shares of Magna International in a report on Tuesday, January 9th. Royal Bank of Canada raised their price objective on Magna International from $68.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Scotiabank raised their price objective on Magna International from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $61.54.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Thursday, November 9th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.31 by $0.05. The company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $9.26 billion. Magna International had a return on equity of 19.46% and a net margin of 5.63%. Magna International’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted $1.29 EPS.
A number of hedge funds and other institutional investors have recently made changes to their positions in MGA. Advisory Services Network LLC boosted its position in Magna International by 17.2% during the 2nd quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock valued at $197,000 after acquiring an additional 625 shares in the last quarter. Westwood Management Corp IL bought a new stake in Magna International during the 3rd quarter valued at $214,000. Segall Bryant & Hamill LLC bought a new stake in Magna International during the 3rd quarter valued at $214,000. Laurel Wealth Advisors Inc. boosted its position in Magna International by 5.1% during the 2nd quarter. Laurel Wealth Advisors Inc. now owns 5,361 shares of the company’s stock valued at $248,000 after acquiring an additional 261 shares in the last quarter. Finally, Financial Counselors Inc. bought a new stake in Magna International during the 3rd quarter valued at $258,000. 59.67% of the stock is currently owned by institutional investors and hedge funds.
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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