Magna International (NYSE:MGA) Announces Quarterly Earnings Results

Magna International (NYSE:MGA) (TSE:MG) released its earnings results on Friday. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.11), Briefing.com reports. The firm had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $11.01 billion. Magna International had a net margin of 2.35% and a return on equity of 12.96%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.50 EPS. Magna International updated its FY 2024 guidance to EPS.

Magna International Stock Performance

Shares of MGA stock traded down $2.58 during trading on Friday, reaching $40.43. 3,694,438 shares of the company’s stock were exchanged, compared to its average volume of 1,528,292. The company has a quick ratio of 0.76, a current ratio of 1.09 and a debt-to-equity ratio of 0.38. The firm’s fifty day moving average price is $43.40 and its 200-day moving average price is $49.21. Magna International has a twelve month low of $40.11 and a twelve month high of $65.27. The stock has a market capitalization of $11.62 billion, a PE ratio of 11.49, a PEG ratio of 0.59 and a beta of 1.59.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date is Friday, August 16th. Magna International’s payout ratio is presently 53.98%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. StockNews.com cut Magna International from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. The Goldman Sachs Group cut their target price on Magna International from $56.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. CIBC cut their target price on Magna International from $54.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, July 25th. BNP Paribas raised Magna International from a “neutral” rating to an “outperform” rating in a research report on Monday, July 1st. Finally, National Bankshares lowered their price target on Magna International from $60.00 to $57.00 and set a “market perform” rating on the stock in a research report on Monday, May 6th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $53.82.

Magna International Company Profile

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.