Raymond James Has Negative Outlook of TSE:MG FY2024 Earnings

Magna International Inc. (TSE:MG) (NYSE:MGA) – Equities researchers at Raymond James decreased their FY2024 earnings per share (EPS) estimates for Magna International in a report released on Monday, November 4th. Raymond James analyst M. Glen now anticipates that the company will earn $7.01 per share for the year, down from their previous estimate of $7.60. The consensus estimate for Magna International’s current full-year earnings is $8.89 per share. Raymond James also issued estimates for Magna International’s Q1 2025 earnings at $2.13 EPS, Q2 2025 earnings at $2.24 EPS, Q3 2025 earnings at $2.08 EPS and Q4 2025 earnings at $2.07 EPS.

Magna International (TSE:MG) (NYSE:MGA) last posted its quarterly earnings data on Friday, August 2nd. The company reported C$1.85 earnings per share for the quarter, missing the consensus estimate of C$1.99 by C($0.14). Magna International had a net margin of 2.29% and a return on equity of 9.03%. The firm had revenue of C$14.99 billion during the quarter, compared to analyst estimates of C$15.22 billion.

MG has been the subject of several other research reports. Royal Bank of Canada cut Magna International from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Wolfe Research raised Magna International to a “strong sell” rating in a research note on Thursday, September 5th.

Magna International Price Performance

Magna International stock opened at C$58.61 on Tuesday. Magna International has a 12 month low of C$51.79 and a 12 month high of C$79.98. The company has a debt-to-equity ratio of 62.12, a current ratio of 1.12 and a quick ratio of 0.83. The business has a 50 day simple moving average of C$56.50 and a 200-day simple moving average of C$59.21. The stock has a market capitalization of C$16.84 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 0.45 and a beta of 1.60.

Magna International Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 29th 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 3.24%. The ex-dividend date of this dividend is Friday, November 15th. Magna International’s payout ratio is currently 54.01%.

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.