Magna International (NYSE:MGA) Posts Quarterly Earnings Results, Misses Expectations By $0.18 EPS

Magna International (NYSE:MGA) (TSE:MG) posted its earnings results on Friday. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18), RTT News reports. The business had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. Magna International had a return on equity of 13.15% and a net margin of 2.83%. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 EPS. Magna International updated its FY 2024 guidance to EPS.

Magna International Stock Performance

Shares of NYSE MGA traded down $1.72 during midday trading on Friday, hitting $46.70. The company’s stock had a trading volume of 3,988,059 shares, compared to its average volume of 1,676,348. The firm has a market capitalization of $13.42 billion, a price-to-earnings ratio of 11.07, a P/E/G ratio of 0.49 and a beta of 1.69. The stock has a fifty day moving average price of $52.00 and a 200 day moving average price of $53.92. Magna International has a one year low of $46.11 and a one year high of $65.27. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.07%. The ex-dividend date is Thursday, May 16th. Magna International’s dividend payout ratio (DPR) is currently 45.02%.

Analysts Set New Price Targets

MGA has been the topic of a number of recent research reports. Raymond James dropped their target price on Magna International from $62.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, February 12th. StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research note on Thursday. Royal Bank of Canada dropped their price target on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Monday, February 12th. Scotiabank reduced their price objective on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a research report on Monday, February 12th. Finally, Wells Fargo & Company dropped their target price on shares of Magna International from $60.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, February 12th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Magna International has an average rating of “Hold” and a consensus price target of $62.50.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.