Zacks: Brokerages Anticipate Magna International, Inc. (NYSE:MGA) Will Announce Earnings of $1.46 Per Share
Wall Street brokerages forecast that Magna International, Inc. (NYSE:MGA) (TSE:MG) will announce earnings of $1.46 per share for the current quarter, according to Zacks. Five analysts have provided estimates for Magna International’s earnings, with the highest EPS estimate coming in at $1.55 and the lowest estimate coming in at $1.37. Magna International reported earnings per share of $1.41 during the same quarter last year, which suggests a positive year-over-year growth rate of 3.5%. The company is expected to report its next earnings results before the market opens on Friday, August 11th.
On average, analysts expect that Magna International will report full-year earnings of $5.77 per share for the current year, with EPS estimates ranging from $5.61 to $5.93. For the next year, analysts expect that the firm will post earnings of $6.34 per share, with EPS estimates ranging from $5.65 to $6.86. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for Magna International.
Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Thursday, May 11th. The company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.34 by $0.19. The business had revenue of $9.37 billion for the quarter, compared to analyst estimates of $9.13 billion. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 earnings per share.
A number of brokerages have recently issued reports on MGA. Cormark raised shares of Magna International from a “buy” rating to a “top pick” rating in a report on Tuesday, July 11th. Morgan Stanley dropped their price target on shares of Magna International from $60.00 to $56.00 and set an “overweight” rating on the stock in a report on Friday, June 9th. Scotiabank raised their price target on shares of Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, May 12th. Zacks Investment Research cut shares of Magna International from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada increased their price objective on shares of Magna International from $57.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, May 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $51.00.
Magna International (NYSE:MGA) traded down 2.46% during trading on Thursday, hitting $47.61. 1,528,015 shares of the stock traded hands. Magna International has a 52-week low of $36.77 and a 52-week high of $48.90. The company has a market cap of $18.15 billion, a P/E ratio of 8.66 and a beta of 1.44. The firm has a 50-day moving average price of $46.12 and a 200 day moving average price of $43.94.
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A number of large investors have recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. boosted its stake in 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 last quarter. IFP Advisors Inc boosted its stake 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 last quarter. Advisory Services Network LLC purchased a new stake in Magna International during the first quarter worth approximately $157,000. Mckinley Capital Management LLC Delaware purchased a new stake in Magna International during the first quarter worth approximately $173,000. Finally, Regent Investment Management LLC purchased a new stake in Magna International during the second quarter worth approximately $204,000. Institutional investors own 61.38% 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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