Magna International (TSX:MG) is one of Canada’s most iconic companies. It’s a global leader in automotive parts and a stock that deserves a place in any investor’s long-term portfolio. While the stock has faced a 15% dip over the past year, this decline presents an opportunity rather than a deterrent. For investors who understand the power of patience and the beauty of buying strong companies during downturns, Magna stock offers a rare chance — the ability to purchase a high-quality stock at a discount and hold it for decades.
The numbers
Magna stock’s recent financial results underscore its resilience and adaptability in a challenging industry. In its third-quarter 2024 earnings report, the company posted sales of $10.28 billion, down slightly by 3.8% year over year. The dip is primarily due to lower vehicle production volumes in key markets and the divestiture of certain operations. Despite this, Magna stock showed…
