Magna International, Inc. (NYSE:MGA) (TSE:MG) – Research analysts at Cormark raised their FY2016 earnings estimates for shares of Magna International in a research note issued to investors on Thursday. Cormark analyst D. Tyerman now forecasts that the brokerage will earn $5.28 per share for the year, up from their previous estimate of $5.23. Cormark also issued estimates for Magna International’s Q4 2016 earnings at $1.36 EPS, Q1 2017 earnings at $1.37 EPS, Q2 2017 earnings at $1.47 EPS, Q3 2017 earnings at $1.30 EPS, Q4 2017 earnings at $1.50 EPS, FY2017 earnings at $5.63 EPS, FY2020 earnings at $8.59 EPS and FY2021 earnings at $9.54 EPS.

Magna International (NYSE:MGA) last posted its quarterly earnings data on Thursday, November 3rd. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.09. Magna International had a return on equity of 20.72% and a net margin of 5.67%. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.57 billion. During the same quarter in the prior year, the business earned $1.13 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. COPYRIGHT VIOLATION NOTICE: This piece was reported by Daily Political and is the propert of of Daily Political. If you are reading this piece on another domain, it was illegally stolen and republished in violation of US & international trademark and copyright law. The correct version of this piece can be accessed at http://www.dailypolitical.com/2017/01/13/magna-international-inc-to-post-fy2016-earnings-of-5-28-per-share-cormark-forecasts-mga.html.

Other equities analysts have also issued reports about the stock. TD Securities lowered shares of Magna International from a “buy” rating to a “hold” rating and raised their price target for the stock from $47.00 to $50.00 in a research report on Friday. Bank of America lowered shares of Magna International from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $54.00 to $36.00 in a research report on Wednesday, November 9th. Macquarie lowered shares of Magna International from an “outperform” rating to a “neutral” rating in a research report on Wednesday, November 9th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $43.00 price target (down from $44.00) on shares of Magna International in a research report on Saturday, October 8th. Finally, BMO Capital Markets reissued a “hold” rating and set a $47.00 price target on shares of Magna International in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. Magna International currently has a consensus rating of “Hold” and a consensus target price of $49.88.

Magna International (NYSE:MGA) opened at 44.84 on Friday. The firm’s 50-day moving average price is $44.18 and its 200 day moving average price is $40.84. The firm has a market cap of $17.24 billion, a P/E ratio of 8.81 and a beta of 1.59. Magna International has a 12-month low of $30.41 and a 12-month high of $47.21.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Miller Howard Investments Inc. NY purchased a new position in shares of Magna International during the third quarter worth $3,113,000. Baskin Financial Services Inc. raised its position in shares of Magna International by 0.8% in the third quarter. Baskin Financial Services Inc. now owns 266,887 shares of the company’s stock worth $11,455,000 after buying an additional 2,190 shares during the last quarter. IPG Investment Advisors LLC raised its position in shares of Magna International by 49.7% in the third quarter. IPG Investment Advisors LLC now owns 205,870 shares of the company’s stock worth $8,842,000 after buying an additional 68,360 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Magna International by 245,000.0% in the third quarter. Canada Pension Plan Investment Board now owns 24,510 shares of the company’s stock worth $1,050,000 after buying an additional 24,500 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Magna International by 68.4% in the third quarter. US Bancorp DE now owns 627,397 shares of the company’s stock worth $26,947,000 after buying an additional 254,873 shares during the last quarter. Institutional investors own 58.37% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This piece was reported by Daily Political and is the propert of of Daily Political. If you are reading this piece on another domain, it was illegally stolen and republished in violation of US & international trademark and copyright law. The correct version of this piece can be accessed at http://www.dailypolitical.com/2017/01/13/magna-international-inc-to-post-fy2016-earnings-of-5-28-per-share-cormark-forecasts-mga.html.

About Magna International

Magna International Inc (Magna) is an automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. Its product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.

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