Zacks: Analysts Anticipate Magna International Inc. (MGA) Will Announce Quarterly Sales of $10.52 Billion

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Analysts expect Magna International Inc. (NYSE:MGA) (TSE:MG) to announce sales of $10.52 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Magna International’s earnings, with the lowest sales estimate coming in at $10.40 billion and the highest estimate coming in at $10.64 billion. Magna International posted sales of $10.79 billion in the same quarter last year, which suggests a negative year over year growth rate of 2.5%. The business is scheduled to issue its next quarterly earnings report on Thursday, May 9th.

On average, analysts expect that Magna International will report full year sales of $41.33 billion for the current financial year, with estimates ranging from $41.08 billion to $41.64 billion. For the next year, analysts forecast that the firm will post sales of $42.00 billion, with estimates ranging from $41.75 billion to $42.37 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Magna International.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, February 22nd. The company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. The business had revenue of $10.14 billion for the quarter, compared to analyst estimates of $10.15 billion. Magna International had a net margin of 5.62% and a return on equity of 20.00%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.57 earnings per share.

Several analysts have commented on the stock. Zacks Investment Research raised shares of Magna International from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research report on Tuesday. Citigroup lifted their price objective on shares of Magna International from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, February 27th. BMO Capital Markets reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Magna International in a research report on Friday, February 22nd. Wells Fargo & Co reaffirmed a “buy” rating and issued a $63.00 price objective (up previously from $62.00) on shares of Magna International in a research report on Friday, February 22nd. Finally, TD Securities lowered shares of Magna International from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $59.00 to $61.00 in a research report on Friday, February 22nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Magna International currently has an average rating of “Hold” and an average price target of $64.09.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Magna International in the 4th quarter worth approximately $162,620,000. Neuberger Berman Group LLC raised its holdings in Magna International by 84.4% in the 3rd quarter. Neuberger Berman Group LLC now owns 497,467 shares of the company’s stock worth $26,132,000 after purchasing an additional 227,635 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Magna International by 29.9% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 407,193 shares of the company’s stock worth $18,505,000 after purchasing an additional 93,625 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. raised its holdings in Magna International by 13.3% in the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 722,620 shares of the company’s stock worth $32,787,000 after purchasing an additional 84,664 shares in the last quarter. Finally, James Investment Research Inc. raised its holdings in Magna International by 23.5% in the 4th quarter. James Investment Research Inc. now owns 420,103 shares of the company’s stock worth $19,094,000 after purchasing an additional 80,069 shares in the last quarter. 60.00% of the stock is currently owned by institutional investors.

Shares of MGA stock opened at $52.25 on Friday. The stock has a market capitalization of $16.89 billion, a price-to-earnings ratio of 7.79, a P/E/G ratio of 1.22 and a beta of 1.40. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 1.15. Magna International has a 52 week low of $42.88 and a 52 week high of $67.47.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a $0.365 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.46 annualized dividend and a dividend yield of 2.79%. This is a positive change from Magna International’s previous quarterly dividend of $0.33. Magna International’s payout ratio is 21.76%.

About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.

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