First-principles calculations of electronic and magnetic properties of Ni3Pd and Pd3Ni

► There is a stable ferromagnetic ground state. ► Significant values are observed for the atomic magnetic moment of both Ni and Pd atoms. ► These compounds have good magnetostrictive performance and good conductivity, with spin-polarized charge carriers. ► Large bulk moduli are found. ► These properties put this compound into the class of materials with promising technological potential for applications as magnetic sensors and actuators.