Cormark Comments on Magna International Inc.’s FY2020 Earnings (MG)

Magna International Inc. (TSE:MG) (NYSE:MGA) – Investment analysts at Cormark raised their FY2020 earnings per share estimates for shares of Magna International in a research note issued on Wednesday. Cormark analyst D. Tyerman now anticipates that the company will post earnings of $11.71 per share for the year, up from their prior estimate of $11.67. Cormark also issued estimates for Magna International’s FY2021 earnings at $14.93 EPS.

Separately, BMO Capital Markets set a C$61.00 target price on shares of Magna International and gave the stock a “market perform” rating in a research note on Thursday.

Shares of Magna International (TSE:MG) traded down C$1.00 during midday trading on Friday, hitting C$72.90. 1,050,000 shares of the stock traded hands, compared to its average volume of 881,688. The company has a market capitalization of $26,200.00, a P/E ratio of 10.47 and a beta of 1.13. Magna International has a 52-week low of C$52.63 and a 52-week high of C$74.75.

Magna International (TSE:MG) (NYSE:MGA) last announced its quarterly earnings data on Thursday, November 9th. The company reported C$1.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of C$1.67 by C$0.04. Magna International had a net margin of 5.39% and a return on equity of 18.56%.

In related news, insider Marc Joseph Neeb sold 43,332 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of C$67.20, for a total transaction of C$2,911,910.40. Also, Director Donald James Walker sold 200,000 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of C$67.37, for a total transaction of C$13,474,000.00. In the last quarter, insiders sold 531,122 shares of company stock worth $36,350,412.

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About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers engineering and contract manufacturing services, and fuel systems; electric/electronic components and systems; roof systems comprising softtops, retractable hardtops, modular tops, and hardtops; and closures, including latching systems, hinges and wire forming, power closures, electronics, door modules, window systems engineered glass, sealing, trim and roof racks, roof systems, testing centers, and running boards.

Earnings History and Estimates for Magna International (TSE:MG)

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