Zacks: Brokerages Expect Magna International, Inc. (MGA) Will Announce Quarterly Sales of $9.43 Billion
Equities research analysts expect that Magna International, Inc. (NYSE:MGA) (TSE:MG) will post sales of $9.43 billion for the current quarter, Zacks reports. Five analysts have provided estimates for Magna International’s earnings, with the highest sales estimate coming in at $9.81 billion and the lowest estimate coming in at $9.17 billion. Magna International reported sales of $9.44 billion during the same quarter last year, which would suggest a negative year over year growth rate of 0.1%. The firm is expected to report its next quarterly earnings report before the market opens on Friday, August 11th.
On average, analysts expect that Magna International will report full year sales of $9.43 billion for the current year, with estimates ranging from $37.03 billion to $37.78 billion. For the next fiscal year, analysts expect that the company will report sales of $40.24 billion per share, with estimates ranging from $39.04 billion to $41.27 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Magna International.
Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, August 11th. The company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.01. 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 the consensus estimate of $9.50 billion. During the same quarter in the previous year, the firm earned $1.41 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year.
MGA has been the topic of a number of research analyst reports. Zacks Investment Research cut shares of Magna International from a “hold” rating to a “sell” rating in a report on Friday, April 28th. TD Securities raised shares of Magna International from a “hold” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $55.00 in a report on Friday, May 12th. Royal Bank Of Canada raised their price objective on shares of Magna International from $57.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, May 12th. Scotiabank raised their price objective on shares of Magna International from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Friday, May 12th. Finally, ValuEngine cut shares of 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 assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $51.25.
Shares of Magna International (NYSE MGA) traded down 2.67% on Friday, hitting $45.60. 2,185,204 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 company’s 50 day moving average is $47.11 and its 200-day moving average is $44.30. The stock has a market cap of $17.34 billion, a PE ratio of 8.34 and a beta of 1.44.
The firm also recently announced 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 (DPR) is presently 20.11%.
Institutional investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. raised its position in shares of Magna International by 16.4% in the first quarter. SRS Capital Advisors Inc. now owns 3,239 shares of the company’s stock worth $139,000 after buying an additional 456 shares during the period. IFP Advisors Inc raised its position in Magna International by 3.8% in the first quarter. IFP Advisors Inc now owns 3,357 shares of the company’s stock worth $145,000 after buying an additional 124 shares during the period. Advisory Services Network LLC purchased a new position in Magna International during the first quarter worth $157,000. Mckinley Capital Management LLC Delaware purchased a new position in Magna International during the first quarter worth $173,000. Finally, Regent Investment Management LLC purchased a new position in Magna International during the second quarter worth $204,000. Institutional investors and hedge funds own 60.49% 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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