Magna International (NYSE:MGA - Get Free Report) TSE: MG issued its quarterly earnings results on Friday. The company reported $1.28 earnings per share for the quarter, missing analysts' consensus estimates of $1.48 by ($0.20), Briefing.com reports. The business had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm's revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. Magna International updated its FY 2024 guidance to EPS.
Shares of MGA stock traded up $2.50 during mid-day trading on Friday, hitting $41.97. 2,886,594 shares of the company's stock were exchanged, compared to its average volume of 1,588,298. The stock has a 50-day simple moving average of $41.34 and a two-hundred day simple moving average of $43.18. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. The stock has a market cap of $12.06 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 0.66 and a beta of 1.59.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.475 per share. The ex-dividend date is Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.53%. Magna International's dividend payout ratio (DPR) is presently 55.39%.
MGA has been the topic of a number of research reports. Royal Bank of Canada lowered their price target on Magna International from $47.00 to $42.00 and set a "sector perform" rating on the stock in a report on Tuesday. Raymond James dropped their target price on Magna International from $57.00 to $53.00 and set a "market perform" rating on the stock in a report on Tuesday, August 6th. Scotiabank decreased their price target on Magna International from $52.00 to $50.00 and set a "sector perform" rating for the company in a report on Tuesday, August 6th. BMO Capital Markets dropped their price objective on shares of Magna International from $60.00 to $55.00 and set an "outperform" rating on the stock in a research note on Monday, July 22nd. Finally, Wells Fargo & Company raised their target price on shares of Magna International from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $49.65.
Read Our Latest Analysis on MGA
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.
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