Magna International (MGA) Posts Earnings Results, Beats Expectations By $0.07 EPS

Magna International (NYSE:MGA) (TSE:MG) announced its earnings results on Thursday. The company reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.07, MarketWatch Earnings reports. The firm had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Magna International had a return on equity of 19.72% and a net margin of 5.72%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.36 EPS. Magna International updated its FY 2018 guidance to EPS.

Magna International stock opened at $49.48 on Friday. Magna International has a twelve month low of $45.73 and a twelve month high of $67.47. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.27. The company has a market cap of $16.59 billion, a price-to-earnings ratio of 8.30, a P/E/G ratio of 0.86 and a beta of 1.32.

A number of brokerages recently issued reports on MGA. Royal Bank of Canada upped their target price on Magna International from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday. TD Securities upped their target price on Magna International from $57.00 to $58.00 and gave the company a “hold” rating in a research report on Friday. Wells Fargo & Co decreased their target price on Magna International from $73.00 to $66.00 and set an “outperform” rating for the company in a research report on Wednesday, October 17th. Citigroup decreased their target price on Magna International from $69.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, October 12th. Finally, Barclays began coverage on Magna International in a research report on Wednesday, October 10th. They issued an “equal weight” rating for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. Magna International has a consensus rating of “Buy” and a consensus target price of $67.07.

Institutional investors have recently bought and sold shares of the business. Meadow Creek Investment Management LLC acquired a new stake in Magna International during the 2nd quarter worth approximately $116,000. Flagship Harbor Advisors LLC acquired a new stake in Magna International during the 2nd quarter worth approximately $122,000. Legacy Advisors LLC acquired a new stake in Magna International during the 3rd quarter worth approximately $131,000. Glen Harbor Capital Management LLC acquired a new stake in Magna International during the 2nd quarter worth approximately $140,000. Finally, Nisa Investment Advisors LLC acquired a new stake in Magna International during the 2nd quarter worth approximately $163,000. 60.18% of the stock is owned by institutional investors.

ILLEGAL ACTIVITY WARNING: This piece of content was published by Transcript Daily and is the sole property of of Transcript Daily. If you are accessing this piece of content on another site, it was illegally copied and reposted in violation of US & international copyright & trademark laws. The correct version of this piece of content can be viewed at https://transcriptdaily.com/2018/11/10/magna-international-mga-posts-earnings-results-beats-expectations-by-0-07-eps.html.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

Recommended Story: Compound Interest

Earnings History for Magna International (NYSE:MGA)

Receive News & Ratings for Magna International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magna International and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply