Magna International Hits 52-Week High - Analyst Blog
May 21 2013 - 9:50AM
Zacks
Shares of Magna International Inc. (MGA) hit a
new 52-week high of $65.75 on May 20, which is above its previous
level of $65.60, and closed at $65.37 on the same date. The closing
price represented a solid one-year return of 64.9% and year-to-date
return of 28.2%.
Magna International, based in Aurora, Canada, is a leading
manufacturer and supplier of automotive components. It has a market
cap of $15.25 billion. Average volume of shares traded over the
last three months stood at approximately 749.5K.
Shares of the company started escalating following its improved
first-quarter results and promising guidance announced on May
10.
Magna International posted a 7.5% rise in earnings per share to
$1.57 in the first quarter of 2013 from $1.46 in the year-ago
quarter and outpaced the Zacks Consensus Estimate by 17 cents. Net
income increased 7.6% to $369.0 million from $343.0 million in the
year-ago quarter.
Revenues went up 9.1% to $8.4 billion, exceeding the Zacks
Consensus Estimate of $7.9 billion. The increase was driven by
improvement in North American and Rest of World (ROW) production
sales as well as higher tooling, engineering and other sales.
For full-year 2013, Magna expects revenues in the External
Production segment between $27.2 billion and $28.2 billion, while
Complete Vehicle Assembly sales are projected in the range of $2.8
billion to $3.1 billion. These were higher than revenues of $26.0
billion generated from External Production and $2.6 billion from
Complete Vehicle Assembly in 2012.
Total revenue of the company is expected between $32.6 billion and
$34.0 billion for 2013. It is higher than $30.8 billion generated
in 2012.
Currently, shares of Magna International retain a Zacks Rank #2
(Buy). Some other stocks that are performing well in the broader
industry where Magna operates include Federal-Mogul
Corp. (FDML), Tower International, Inc.
(TOWR) and Visteon Corp. (VC). All these companies
carry a Zacks Rank #1 (Strong Buy).
FEDERAL MOGUL-A (FDML): Free Stock Analysis Report
MAGNA INTL CL A (MGA): Free Stock Analysis Report
TOWER INTL INC (TOWR): Free Stock Analysis Report
VISTEON CORP (VC): Free Stock Analysis Report
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