Magna Int'l (MGA) Stock Plunges After Earnings Miss

Magna Int'l (MGA) stock is declining after the automotive supplier reported its 2015 third quarter earnings results today.
By Amanda Albright ,

NEW YORK (TheStreet) -- Magna International  (MGA) - Get Report stock is plummeting on heavy volume by 12.03% to $46.50 on Thursday, after the company reported its 2015 third quarter earnings results before the market open today.  

The automotive supplier reported third quarter earnings of 97 cents per share. Revenue decreased to $7.66 billion, down from $8.24 billion in the 2014 quarter.

Analysts surveyed by Thomson Reuters were expecting the company to report earnings of $1.09 per share on revenue of $8.13 billion.

Foreign currency translation reduced sales by about $870 million year over year, the company said. 

So far today, 4.24 million shares of Magna have traded versus its 30-day average of 1.52 million shares. 

Separately, TheStreet Ratings team rates MAGNA INTERNATIONAL INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

We rate MAGNA INTERNATIONAL INC (MGA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, attractive valuation levels, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: MGA

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

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