Scotiabank Has Positive Estimate for TSE:MG FY2024 Earnings

Magna International Inc. (TSE:MG) (NYSE:MGA) – Analysts at Scotiabank lifted their FY2024 earnings per share (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 prior forecast 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.

Several other equities analysts also recently weighed in on the stock. The Goldman Sachs Group downgraded shares of Magna International from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 11th. Wolfe Research upgraded shares of Magna International from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 5th.

Magna International Stock Down 0.4 %

MG stock opened at C$57.01 on Monday. The business’s 50-day moving average price is C$61.15 and its 200-day moving average price is C$58.54. The stock has a market cap of C$16.38 billion, a P/E ratio of 12.03, a PEG ratio of 0.45 and a beta of 1.60. The company has a quick ratio of 0.83, a current ratio of 1.12 and a debt-to-equity ratio of 62.12. Magna International has a twelve month low of C$51.79 and a twelve month high of C$79.98.

Magna International Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 29th were issued a $0.475 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a yield of 3.33%. Magna International’s dividend payout ratio is presently 54.01%.

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.