Magna International, Inc. (MGA) Announces Earnings Results
Magna International, Inc. (NYSE:MGA) (TSE:MG) announced its quarterly earnings data on Friday. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.01, RTT News reports. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The firm had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.50 billion. During the same period last year, the firm earned $1.41 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis.
Shares of Magna International (MGA) traded down 2.28% during trading on Friday, hitting $45.78. 1,741,662 shares of the stock were exchanged. Magna International has a 52 week low of $36.77 and a 52 week high of $48.90. The firm’s 50 day moving average price is $47.11 and its 200-day moving average price is $44.30. The stock has a market cap of $17.41 billion, a P/E ratio of 8.37 and a beta of 1.44.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.35%. Magna International’s dividend payout ratio is 20.11%.
Large investors have recently bought and sold shares of the stock. RKL Wealth Management LLC purchased a new stake in Magna International during the first quarter worth approximately $455,000. Gulf International Bank UK Ltd raised its stake in Magna International by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 121,604 shares of the company’s stock worth $5,240,000 after buying an additional 1,200 shares in the last quarter. DnB Asset Management AS raised its stake in Magna International by 1.8% in the second quarter. DnB Asset Management AS now owns 1,563,041 shares of the company’s stock worth $72,416,000 after buying an additional 27,384 shares in the last quarter. Timber Hill LLC purchased a new stake in Magna International during the first quarter worth approximately $852,000. Finally, US Bancorp DE raised its stake in Magna International by 9.6% in the second quarter. US Bancorp DE now owns 922,553 shares of the company’s stock worth $42,742,000 after buying an additional 80,773 shares in the last quarter. 60.49% of the stock is currently owned by institutional investors.
A number of brokerages have issued reports on MGA. Zacks Investment Research cut shares of Magna International from a “hold” rating to a “sell” rating in a research note on Friday, April 28th. Edward Jones cut shares of Magna International from a “buy” rating to a “hold” rating in a research note on Wednesday, July 26th. BidaskClub cut shares of Magna International from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. TD Securities raised shares of Magna International from a “hold” rating to a “buy” rating and raised their price objective for the company from $50.00 to $55.00 in a research note on Friday, May 12th. Finally, Scotiabank raised their price objective on shares of Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Friday, May 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $51.25.
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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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