Cormark Research Analysts Increase Earnings Estimates for Magna International Inc. (MG)
Magna International Inc. (TSE:MG) (NYSE:MGA) – Equities research analysts at Cormark boosted their Q3 2017 earnings estimates for shares of Magna International in a research report issued on Monday. Cormark analyst D. Tyerman now anticipates that the company will post earnings of $1.69 per share for the quarter, up from their previous forecast of $1.56. Cormark also issued estimates for Magna International’s Q4 2017 earnings at $2.04 EPS, FY2017 earnings at $7.56 EPS, Q1 2018 earnings at $2.27 EPS, Q2 2018 earnings at $2.30 EPS, Q3 2018 earnings at $2.11 EPS, Q4 2018 earnings at $2.50 EPS, FY2018 earnings at $9.18 EPS, FY2019 earnings at $10.60 EPS, FY2020 earnings at $11.86 EPS and FY2021 earnings at $13.18 EPS.
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Separately, BMO Capital Markets set a C$47.00 price objective on shares of Magna International and gave the company a “market perform” rating in a research note on Friday, May 12th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of C$59.38.
Shares of Magna International (TSE MG) opened at 59.06 on Wednesday. The firm has a 50-day moving average of $59.96 and a 200 day moving average of $58.55. The firm has a market capitalization of $22.46 billion and a price-to-earnings ratio of 10.80. Magna International has a 12-month low of $49.44 and a 12-month high of $62.94.
In related news, Director Tommy Joseph Skudutis sold 14,000 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of C$61.34, for a total transaction of C$858,760.00. Also, insider Seetarama Swamy Kotagiri sold 10,000 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of C$45.85, for a total transaction of C$458,500.00. Over the last three months, insiders have sold 64,000 shares of company stock worth $3,745,260.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from Magna International’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 1.86%.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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