Magna International Inc. (TSE:MG) (NYSE:MGA) – Stock analysts at Seaport Global Securities reduced their FY2019 earnings per share (EPS) estimates for Magna International in a report issued on Sunday, May 12th. Seaport Global Securities analyst M. Ward now anticipates that the company will post earnings of $8.59 per share for the year, down from their prior forecast of $9.63. Seaport Global Securities currently has a “Buy” rating on the stock. Seaport Global Securities also issued estimates for Magna International’s Q1 2020 earnings at $2.23 EPS, Q4 2020 earnings at $2.43 EPS, FY2020 earnings at $9.40 EPS and FY2021 earnings at $10.54 EPS.
A number of other brokerages have also recently commented on MG. JPMorgan Chase & Co. cut shares of Magna International from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from C$66.00 to C$67.00 in a research note on Monday, February 25th. CIBC raised their price objective on shares of Magna International from C$60.00 to C$63.00 in a research note on Monday, February 25th. Finally, BMO Capital Markets cut shares of Magna International from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 21st.
Magna International (TSE:MG) (NYSE:MGA) last issued its quarterly earnings data on Friday, February 22nd. The company reported C$2.15 EPS for the quarter, topping analysts’ consensus estimates of C$2.13 by C$0.02. The firm had revenue of C$13.40 billion for the quarter, compared to analyst estimates of C$13.45 billion.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a $0.489 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $1.96 dividend on an annualized basis and a yield of 3.21%. This is a boost from Magna International’s previous quarterly dividend of $0.48. Magna International’s dividend payout ratio (DPR) is currently 16.74%.
In related news, Director Tommy Joseph Skudutis sold 56,411 shares of Magna International stock in a transaction on Monday, February 25th. The shares were sold at an average price of C$71.03, for a total value of C$4,006,873.33. Following the sale, the director now owns 9,574 shares of the company’s stock, valued at approximately C$680,041.22. Also, Senior Officer James Joseph Tobin Sr. sold 5,002 shares of Magna International stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of C$65.06, for a total transaction of C$325,444.13. Following the completion of the sale, the insider now directly owns 60,585 shares in the company, valued at approximately C$3,941,829.74. Insiders sold a total of 131,913 shares of company stock worth $9,262,382 in the last three months.
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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