Magna International, Inc. to Post FY2017 Earnings of $5.95 Per Share, Cormark Forecasts (NYSE:MGA)
Magna International, Inc. (NYSE:MGA) (TSE:MG) – Equities researchers at Cormark boosted their FY2017 earnings per share (EPS) estimates for shares of Magna International in a report issued on Monday. Cormark analyst D. Tyerman now expects that the company will post earnings per share of $5.95 for the year, up from their previous forecast of $5.82. Cormark has a “Top Pick” rating on the stock. Cormark also issued estimates for Magna International’s Q4 2017 earnings at $1.61 EPS and Q1 2018 earnings at $1.79 EPS.
MGA has been the topic of a number of other research reports. Zacks Investment Research cut Magna International from a “hold” rating to a “sell” rating in a report on Friday, April 28th. BidaskClub cut Magna International from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. Edward Jones cut Magna International from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. TD Securities raised Magna International from a “hold” rating to a “buy” rating and increased their price objective for the stock from $50.00 to $55.00 in a report on Friday, May 12th. Finally, ValuEngine cut Magna International from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $52.56.
Magna International (NYSE:MGA) opened at 46.23 on Tuesday. The company has a market cap of $17.58 billion, a PE ratio of 8.45 and a beta of 1.44. Magna International has a 12 month low of $36.77 and a 12 month high of $48.90. The company has a 50 day moving average price of $47.16 and a 200-day moving average price of $44.36.
Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, August 11th. The company reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.01. Magna International had a return on equity of 20.58% and a net margin of 5.76%. The company had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.50 billion. During the same quarter last year, the business earned $1.41 earnings per share. Magna International’s revenue was up 2.6% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.275 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.10 dividend on an annualized basis and a yield of 2.38%. Magna International’s dividend payout ratio is currently 19.86%.
A number of institutional investors have recently made changes to their positions in the company. Cardinal Capital Management Inc. raised its position in shares of Magna International by 2,712.5% in the second quarter. Cardinal Capital Management Inc. now owns 987,200 shares of the company’s stock valued at $45,676,000 after buying an additional 952,100 shares during the period. Russell Investments Group Ltd. raised its position in shares of Magna International by 34.8% in the second quarter. Russell Investments Group Ltd. now owns 2,020,359 shares of the company’s stock valued at $93,453,000 after buying an additional 521,929 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Magna International during the second quarter valued at approximately $20,547,000. United Services Automobile Association raised its position in shares of Magna International by 137.6% in the first quarter. United Services Automobile Association now owns 718,747 shares of the company’s stock valued at $31,021,000 after buying an additional 416,297 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Magna International by 28.4% in the first quarter. Schroder Investment Management Group now owns 1,852,568 shares of the company’s stock valued at $107,838,000 after buying an additional 410,007 shares during the period. Institutional investors and hedge funds own 60.44% of the company’s stock.
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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