Raymond James Has Bearish Forecast for MGA FY2024 Earnings

Magna International Inc. (NYSE:MGA) (TSE:MG) – Stock analysts at Raymond James lowered their FY2024 EPS estimates for shares of Magna International in a report issued on Monday, November 4th. Raymond James analyst M. Glen now anticipates that the company will post earnings per share of $5.08 for the year, down from their previous estimate of $5.48. Raymond James has a “Market Perform” rating and a $53.00 price objective on the stock. The consensus estimate for Magna International’s current full-year earnings is $5.40 per share. Raymond James also issued estimates for Magna International’s Q1 2025 earnings at $1.54 EPS, Q2 2025 earnings at $1.62 EPS, Q3 2025 earnings at $1.51 EPS, Q4 2025 earnings at $1.50 EPS and FY2025 earnings at $6.17 EPS.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a return on equity of 12.03% and a net margin of 2.52%. The firm had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same period in the prior year, the business earned $1.46 earnings per share. Magna International’s revenue for the quarter was down 3.8% on a year-over-year basis.

MGA has been the topic of several other reports. Bank of America decreased their target price on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. TD Securities decreased their target price on shares of Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Evercore ISI decreased their target price on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, July 15th. Royal Bank of Canada decreased their target price on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Monday. Finally, Wells Fargo & Company raised their target price on shares of Magna International from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $49.76.

Magna International Price Performance

Magna International stock opened at $42.14 on Tuesday. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The stock has a market capitalization of $12.11 billion, a P/E ratio of 11.27, a P/E/G ratio of 0.67 and a beta of 1.59. The firm’s 50-day moving average is $41.33 and its two-hundred day moving average is $43.07. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77.

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in shares of Magna International by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after buying an additional 319 shares during the last quarter. Grove Bank & Trust increased its stake in shares of Magna International by 70.4% in the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after buying an additional 343 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Magna International by 84.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after buying an additional 513 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Magna International in the first quarter worth $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Magna International during the second quarter valued at $28,000. Institutional investors own 67.49% of the company’s stock.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 dividend on an annualized basis and a dividend yield of 4.51%. Magna International’s dividend payout ratio (DPR) is presently 50.80%.

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.