KeyCorp Weighs in on Magna International Inc.’s Q1 2019 Earnings (MGA)

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Magna International Inc. (NYSE:MGA) (TSE:MG) – Equities researchers at KeyCorp decreased their Q1 2019 earnings estimates for shares of Magna International in a research report issued to clients and investors on Sunday, April 21st. KeyCorp analyst J. Picariello now forecasts that the company will post earnings per share of $1.69 for the quarter, down from their prior forecast of $1.72. KeyCorp also issued estimates for Magna International’s FY2019 earnings at $6.90 EPS and FY2020 earnings at $7.85 EPS.

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

A number of other research firms also recently weighed in on MGA. TD Securities downgraded Magna International from a “buy” rating to a “hold” rating and increased their target price for the company from $59.00 to $61.00 in a report on Friday, February 22nd. BMO Capital Markets reissued a “buy” rating and issued a $64.00 target price on shares of Magna International in a report on Friday, February 22nd. Zacks Investment Research downgraded Magna International from a “buy” rating to a “hold” rating in a report on Thursday, January 24th. Citigroup increased their target price on Magna International from $63.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, February 27th. Finally, Barclays reissued a “hold” rating and issued a $50.00 target price on shares of Magna International in a report on Sunday, January 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. Magna International currently has an average rating of “Buy” and an average target price of $64.09.

MGA stock opened at $56.16 on Tuesday. Magna International has a fifty-two week low of $42.88 and a fifty-two week high of $67.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 1.15. The stock has a market capitalization of $18.44 billion, a price-to-earnings ratio of 8.37, a PEG ratio of 1.35 and a beta of 1.40.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB bought a new position in shares of Magna International in the third quarter worth about $3,610,000. Cardinal Capital Management Inc. raised its stake in shares of Magna International by 5.3% in the fourth quarter. Cardinal Capital Management Inc. now owns 639,126 shares of the company’s stock worth $29,020,000 after buying an additional 32,185 shares during the period. MU Investments Co. Ltd. raised its stake in shares of Magna International by 17.9% in the fourth quarter. MU Investments Co. Ltd. now owns 119,700 shares of the company’s stock worth $5,271,000 after buying an additional 18,200 shares during the period. Financial Gravity Companies Inc. bought a new position in shares of Magna International in the fourth quarter worth about $36,000. Finally, Janney Montgomery Scott LLC raised its stake in shares of Magna International by 760.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 33,662 shares of the company’s stock worth $1,530,000 after buying an additional 29,749 shares during the period. 60.04% of the stock is currently owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for Magna International (NYSE:MGA)

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