Magna International Inc. (NYSE:MGA) (TSE:MG) – Analysts at KeyCorp dropped their FY2019 earnings per share (EPS) estimates for Magna International in a report issued on Sunday, November 10th. KeyCorp analyst J. Picariello now expects that the company will post earnings per share of $5.90 for the year, down from their previous forecast of $6.15. KeyCorp also issued estimates for Magna International’s FY2020 earnings at $6.50 EPS.
Other research analysts have also recently issued reports about the company. TD Securities boosted their target price on Magna International from $59.00 to $60.00 and gave the company a “hold” rating in a research note on Monday. Citigroup set a $63.00 price objective on Magna International and gave the stock a “buy” rating in a research report on Monday, August 26th. Zacks Investment Research cut Magna International from a “hold” rating to a “sell” rating and set a $55.00 price objective for the company. in a research report on Monday, October 14th. ValuEngine raised Magna International from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Evercore ISI reaffirmed a “hold” rating and set a $52.00 price objective on shares of Magna International in a research report on Sunday, August 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. Magna International currently has a consensus rating of “Hold” and a consensus price target of $56.63.
Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, November 8th. The company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.03. Magna International had a return on equity of 17.29% and a net margin of 4.43%. The firm had revenue of $9.32 billion during the quarter, compared to analysts’ expectations of $9.32 billion. During the same period in the previous year, the firm earned $1.56 earnings per share. The company’s revenue was down 3.1% on a year-over-year basis.
Several hedge funds have recently bought and sold shares of MGA. Cardinal Capital Management Inc. boosted its position in shares of Magna International by 3.0% during the second quarter. Cardinal Capital Management Inc. now owns 739,946 shares of the company’s stock worth $36,816,000 after buying an additional 21,515 shares during the period. SevenBridge Financial Group LLC raised its holdings in Magna International by 223.3% during the second quarter. SevenBridge Financial Group LLC now owns 679 shares of the company’s stock worth $34,000 after acquiring an additional 469 shares in the last quarter. MU Investments Co. Ltd. raised its holdings in Magna International by 2.0% during the second quarter. MU Investments Co. Ltd. now owns 122,100 shares of the company’s stock worth $6,049,000 after acquiring an additional 2,400 shares in the last quarter. Cornerstone Investment Partners LLC raised its holdings in Magna International by 9.1% during the second quarter. Cornerstone Investment Partners LLC now owns 1,371,445 shares of the company’s stock worth $68,161,000 after acquiring an additional 113,851 shares in the last quarter. Finally, Cerebellum GP LLC raised its holdings in Magna International by 4.6% during the second quarter. Cerebellum GP LLC now owns 7,067 shares of the company’s stock worth $351,000 after acquiring an additional 308 shares in the last quarter. 56.03% of the stock is owned by institutional investors.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.365 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $1.46 annualized dividend and a dividend yield of 2.63%. Magna International’s dividend payout ratio is currently 21.76%.
Magna International Company Profile
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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