Magna International (TSE:MG) Posts Earnings Results

Magna International (TSE:MG) (NYSE:MGA) announced its quarterly earnings results on Friday. The company reported C$2.61 earnings per share (EPS) for the quarter, reports. Magna International had a net margin of 1.97% and a return on equity of 6.97%. The firm had revenue of C$14.32 billion during the quarter.

Magna International Price Performance

MG stock opened at C$88.91 on Friday. The stock has a 50-day moving average price of C$91.24 and a two-hundred day moving average price of C$87.09. Magna International has a 1 year low of C$63.89 and a 1 year high of C$101.10. The stock has a market cap of C$23.79 billion, a PE ratio of 32.69, a price-to-earnings-growth ratio of 0.45 and a beta of 2.02. The company has a current ratio of 1.14, a quick ratio of 0.83 and a debt-to-equity ratio of 55.54.

Magna International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 27th will be issued a dividend of $0.4950 per share. This represents a $1.98 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, November 13th. Magna International’s dividend payout ratio is 72.06%.

Insider Activity at Magna International

In other news, insider Bruce Cluney sold 5,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of C$95.22, for a total transaction of C$476,100.00. Following the completion of the transaction, the insider directly owned 40,239 shares of the company’s stock, valued at C$3,831,557.58. This represents a 11.05% decrease in their ownership of the stock. 6.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. BMO Capital Markets cut Magna International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 17th. Canadian Imperial Bank of Commerce downgraded shares of Magna International from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy”.

About Magna International

Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets-North America, Europe, and Asia. With operations in 28 countries, we combine global scale with trusted reliability and proven execution. Backed by nearly seven decades of experience, we bring together deep manufacturing expertise with innovative vehicle systems to deliver performance, safety, and quality.