Magna International Inc. Forecasted to Earn FY2020 Earnings of $9.44 Per Share (NYSE:MGA)

Magna International Inc. (NYSE:MGA) (TSE:MG) – Cormark lifted their FY2020 earnings estimates for Magna International in a note issued to investors on Wednesday, according to Zacks Investment Research. Cormark analyst D. Tyerman now forecasts that the company will post earnings per share of $9.44 for the year, up from their prior estimate of $9.20. Cormark also issued estimates for Magna International’s FY2021 earnings at $10.65 EPS.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Thursday, November 9th. The company reported $1.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.05. The firm had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $9.26 billion. Magna International had a net margin of 5.63% and a return on equity of 19.46%. The firm’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 earnings per share.

Other equities analysts have also issued reports about the stock. KeyCorp reiterated a “buy” rating on shares of Magna International in a research note on Wednesday, January 17th. Bank of America upgraded shares of Magna International from an “underperform” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Wednesday, October 18th. TD Securities reiterated a “buy” rating and issued a $56.00 price target on shares of Magna International in a research note on Tuesday, October 17th. BMO Capital Markets reiterated a “hold” rating on shares of Magna International in a research note on Monday, November 6th. Finally, Zacks Investment Research lowered shares of Magna International from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Magna International has a consensus rating of “Buy” and a consensus price target of $61.54.

Shares of Magna International (NYSE MGA) traded up $0.94 during trading hours on Friday, reaching $54.06. 1,372,928 shares of the company traded hands, compared to its average volume of 1,390,000. The firm has a market capitalization of $19,420.00, a PE ratio of 9.64, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. Magna International has a 52-week low of $39.50 and a 52-week high of $59.99. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 0.28.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Laurel Wealth Advisors Inc. grew its position in shares of Magna International by 5.1% during the second quarter. Laurel Wealth Advisors Inc. now owns 5,361 shares of the company’s stock worth $248,000 after acquiring an additional 261 shares during the last quarter. Advisory Services Network LLC grew its position in shares of Magna International by 17.2% during the second quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock worth $197,000 after acquiring an additional 625 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in shares of Magna International by 0.6% during the fourth quarter. Crossmark Global Holdings Inc. now owns 179,438 shares of the company’s stock worth $10,169,000 after acquiring an additional 1,110 shares during the last quarter. Bank of Hawaii grew its position in shares of Magna International by 7.4% during the fourth quarter. Bank of Hawaii now owns 17,033 shares of the company’s stock worth $965,000 after acquiring an additional 1,175 shares during the last quarter. Finally, FDx Advisors Inc. grew its position in shares of Magna International by 10.6% during the fourth quarter. FDx Advisors Inc. now owns 12,718 shares of the company’s stock worth $721,000 after acquiring an additional 1,218 shares during the last quarter. Institutional investors and hedge funds own 58.80% of the company’s stock.

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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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Earnings History and Estimates for Magna International (NYSE:MGA)

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