Raymond James Comments on Magna International Inc.’s Q3 2024 Earnings (NYSE:MGA)

Magna International Inc. (NYSE:MGA) (TSE:MG) – Stock analysts at Raymond James cut their Q3 2024 earnings per share estimates for Magna International in a research report issued to clients and investors on Monday, May 6th. Raymond James analyst M. Glen now anticipates that the company will post earnings per share of $1.54 for the quarter, down from their previous estimate of $1.59. Raymond James currently has a “Market Perform” rating and a $57.00 price target on the stock. The consensus estimate for Magna International’s current full-year earnings is $6.13 per share. Raymond James also issued estimates for Magna International’s Q4 2024 earnings at $1.48 EPS, FY2024 earnings at $5.60 EPS, Q1 2025 earnings at $1.68 EPS, Q2 2025 earnings at $1.82 EPS, Q3 2025 earnings at $1.75 EPS, Q4 2025 earnings at $1.68 EPS and FY2025 earnings at $6.93 EPS.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.18). Magna International had a return on equity of 12.97% and a net margin of 2.35%. The company had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.97 billion. During the same period last year, the firm posted $1.11 EPS. Magna International’s quarterly revenue was up 2.8% compared to the same quarter last year.

Several other equities research analysts have also recently issued reports on MGA. Scotiabank reduced their target price on Magna International from $59.00 to $55.00 and set a “sector perform” rating on the stock in a report on Monday. StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a report on Thursday, May 2nd. Wells Fargo & Company cut their target price on shares of Magna International from $52.00 to $49.00 and set an “equal weight” rating for the company in a report on Monday. Royal Bank of Canada decreased their price target on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Monday, February 12th. Finally, Barclays dropped their price objective on shares of Magna International from $62.00 to $60.00 and set an “equal weight” rating for the company in a research note on Monday. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Magna International has an average rating of “Hold” and a consensus price target of $60.00.

Magna International Stock Up 1.0 %

Shares of MGA stock opened at $47.08 on Wednesday. The company’s fifty day simple moving average is $51.55 and its two-hundred day simple moving average is $53.84. Magna International has a 52 week low of $45.75 and a 52 week high of $65.27. The stock has a market cap of $13.53 billion, a P/E ratio of 13.38, a PEG ratio of 0.47 and a beta of 1.69. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Thursday, May 16th. Magna International’s dividend payout ratio is currently 53.98%.

Hedge Funds Weigh In On Magna International

Hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. grew its holdings in shares of Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after purchasing an additional 523 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Magna International by 332.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after buying an additional 526 shares during the period. Dixon Mitchell Investment Counsel Inc. bought a new position in Magna International in the 1st quarter worth about $49,000. S.A. Mason LLC increased its position in shares of Magna International by 24.4% during the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after acquiring an additional 229 shares during the period. Finally, Parallel Advisors LLC raised its stake in shares of Magna International by 50.8% during the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after acquiring an additional 879 shares in the last quarter. Institutional investors own 67.49% of the company’s stock.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.