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

Magna International (NYSE:MGAGet Free Report) (TSE:MG) announced its quarterly earnings results on Friday. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same period in the previous year, the business posted $1.46 earnings per share. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. Magna International updated its FY 2024 guidance to EPS.

Magna International Trading Up 6.3 %

NYSE MGA opened at $41.97 on Friday. The company has a market cap of $12.06 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 0.63 and a beta of 1.59. Magna International has a 52 week low of $38.01 and a 52 week high of $60.32. The business has a 50 day moving average price of $41.34 and a 200-day moving average price of $43.14. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40.

Magna International Announces Dividend

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

Wall Street Analyst Weigh In

MGA has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price objective on Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a research report on Tuesday, October 1st. Barclays lowered their price objective on Magna International from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Raymond James lowered their price objective on Magna International from $57.00 to $53.00 and set a “market perform” rating for the company in a research report on Tuesday, August 6th. CIBC lowered their price objective on Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Finally, BMO Capital Markets lowered their price objective on Magna International from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Magna International presently has a consensus rating of “Hold” and a consensus target price of $49.65.

View Our Latest Research Report on MGA

Magna International Company Profile

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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.

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Earnings History for Magna International (NYSE:MGA)

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