Magna International Inc. (TSE:MG) Forecasted to Post Q2 2024 Earnings of $2.05 Per Share

Magna International Inc. (TSE:MG) (NYSE:MGA) – Analysts at Raymond James upped their Q2 2024 EPS estimates for Magna International in a research note issued on Monday, May 6th. Raymond James analyst M. Glen now expects that the company will post earnings of $2.05 per share for the quarter, up from their previous estimate of $2.03. The consensus estimate for Magna International’s current full-year earnings is $8.16 per share.

Magna International (TSE:MG) (NYSE:MGA) last issued its quarterly earnings results on Friday, February 9th. The company reported C$1.81 earnings per share for the quarter, missing the consensus estimate of C$1.99 by C($0.18). The business had revenue of C$14.23 billion for the quarter, compared to analysts’ expectations of C$14.30 billion. Magna International had a return on equity of 9.35% and a net margin of 2.35%.

Separately, Royal Bank of Canada lowered their price objective on Magna International from C$61.00 to C$60.00 and set a “sector perform” rating on the stock in a research report on Monday, February 12th.

Magna International Stock Performance

TSE:MG opened at C$64.64 on Thursday. The company has a debt-to-equity ratio of 66.45, a quick ratio of 0.83 and a current ratio of 1.09. The stock has a 50-day simple moving average of C$70.37 and a two-hundred day simple moving average of C$73.02. The firm has a market capitalization of C$18.57 billion, a PE ratio of 13.41, a P/E/G ratio of 0.58 and a beta of 1.68. Magna International has a 52-week low of C$62.84 and a 52-week high of C$87.00.

Magna International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 31st will be paid a dividend of $0.642 per share. This is a boost from Magna International’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.57 dividend on an annualized basis and a dividend yield of 3.97%. Magna International’s payout ratio is 53.11%.

Insider Buying and Selling

In other Magna International news, Director Seetarama Swamy Kotagiri sold 20,906 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of C$53.98, for a total transaction of C$1,128,476.61. In other news, Senior Officer Bruce Cluney sold 9,292 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of C$54.15, for a total value of C$503,164.59. Also, Director Seetarama Swamy Kotagiri sold 20,906 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of C$53.98, for a total transaction of C$1,128,476.61. In the last quarter, insiders sold 34,844 shares of company stock valued at $1,887,403. Company insiders own 6.19% of the company’s stock.

About Magna International

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.