Scotiabank Has Optimistic Outlook of TSE:MG FY2024 Earnings

Magna International Inc. (TSE:MG) (NYSE:MGA) – Equities researchers at Scotiabank raised their FY2024 EPS estimates for Magna International in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst J. Goldman now expects that the company will earn $7.75 per share for the year, up from their previous estimate of $7.36. The consensus estimate for Magna International’s current full-year earnings is $8.89 per share. Scotiabank also issued estimates for Magna International’s FY2025 earnings at $9.33 EPS.

MG has been the subject of several other reports. The Goldman Sachs Group cut Magna International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 11th. Wolfe Research raised shares of Magna International from a “strong sell” rating to a “hold” rating in a report on Thursday, December 5th.

Magna International Stock Performance

Shares of MG stock opened at C$58.06 on Monday. Magna International has a 52-week low of C$51.79 and a 52-week high of C$79.98. The company has a quick ratio of 0.83, a current ratio of 1.12 and a debt-to-equity ratio of 62.12. The stock has a market cap of C$16.68 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 0.45 and a beta of 1.60. The business has a 50-day simple moving average of C$61.20 and a 200-day simple moving average of C$58.55.

Magna International Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 29th were given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date was Friday, November 15th. Magna International’s dividend payout ratio (DPR) is presently 54.01%.

Magna International Company Profile

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.