Magna International Inc.
) 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%.
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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
Tower International, Inc.
). All these companies carry a Zacks Rank #1 (Strong Buy).