Magna International (NYSE:MGA) Posts Earnings Results, Misses Expectations By $0.20 EPS

Magna International (NYSE:MGA) (TSE:MG) released its quarterly earnings data on Friday. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20), Briefing.com reports. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. During the same period last year, the firm earned $1.46 earnings per share. Magna International’s quarterly revenue was down 3.8% on a year-over-year basis. Magna International updated its FY 2024 guidance to EPS.

Magna International Trading Up 6.3 %

Shares of MGA stock traded up $2.50 during trading on Friday, hitting $41.97. 2,886,594 shares of the stock traded hands, compared to its average volume of 1,588,298. Magna International has a 52-week low of $38.01 and a 52-week high of $60.32. The firm has a market capitalization of $12.06 billion, a P/E ratio of 12.24, a price-to-earnings-growth ratio of 0.66 and a beta of 1.59. The firm’s fifty day moving average price is $41.34 and its 200-day moving average price is $43.18. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.475 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 4.53%. Magna International’s dividend payout ratio (DPR) is 55.39%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MGA. Morgan Stanley lowered shares of Magna International from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $55.00 to $43.00 in a research note on Wednesday, September 25th. TD Securities decreased their price target on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a report on Monday, September 30th. Scotiabank cut their price objective on shares of Magna International from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 6th. The Goldman Sachs Group cut their price objective on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Finally, Wells Fargo & Company upped their target price on Magna International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Magna International presently has an average rating of “Hold” and a consensus price target of $49.65.

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.