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

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

Magna International Stock Performance

Shares of MGA stock opened at $41.97 on Friday. The business’s 50-day moving average price is $41.34 and its 200-day moving average price is $43.14. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32. The firm has a market capitalization of $12.06 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 0.63 and a beta of 1.59. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40.

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 dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date is Friday, November 15th. Magna International’s payout ratio is 55.39%.

Analysts Set New Price Targets

MGA has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on Magna International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, September 20th. CIBC decreased their price target on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 6th. Bank of America decreased their price target on Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada decreased their price target on Magna International from $47.00 to $42.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 29th. Finally, Raymond James decreased their price target on Magna International from $57.00 to $53.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.