Magnera’s (MAGN) “Equal Weight” Rating Reiterated at Wells Fargo & Company

Wells Fargo & Company restated their equal weight rating on shares of Magnera (NYSE:MAGN) in a report issued on Wednesday, Marketbeat reports. The brokerage currently has a $16.00 price target on the stock, down from their prior price target of $22.00.

Separately, Vertical Research began coverage on Magnera in a report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price target for the company.

Magnera Trading Down 3.3%

Magnera stock opened at $13.10 on Wednesday. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The business has a fifty day moving average of $15.94. Magnera has a 12 month low of $12.20 and a 12 month high of $26.78. The company has a market capitalization of $466.36 million, a P/E ratio of -0.71 and a beta of 1.76.

Magnera (NYSE:MAGN) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. The business had revenue of $824.00 million for the quarter. The business’s quarterly revenue was up 47.7% compared to the same quarter last year.

Insider Activity

In related news, Director Carl J. Rickertsen acquired 20,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the transaction, the director now directly owns 21,306 shares in the company, valued at approximately $433,150.98. This trade represents a 1,531.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Curt Begle acquired 20,275 shares of the firm’s stock in a transaction on Friday, May 9th. The shares were bought at an average price of $14.01 per share, for a total transaction of $284,052.75. Following the completion of the transaction, the chief executive officer now owns 44,341 shares of the company’s stock, valued at approximately $621,217.41. This trade represents a 84.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 80,275 shares of company stock worth $1,266,653 over the last ninety days. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MAGN. Ballentine Partners LLC bought a new position in Magnera in the fourth quarter worth approximately $295,000. KBC Group NV bought a new stake in Magnera during the 4th quarter valued at $51,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Magnera during the 4th quarter valued at $101,000. State of Alaska Department of Revenue bought a new stake in Magnera during the 4th quarter valued at $48,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Magnera during the 4th quarter valued at $26,000. Institutional investors own 76.92% of the company’s stock.

Magnera Company Profile

Magnera’s purpose is to better the world with new possibilities made real. By continuously co-creating and innovating with our partners, we develop original material solutions that make a brighter future possible. With a breadth of technologies and a passion for what we create, Magnera’s solutions propel our customers’ goals forward and solve end-users’ problems, every day.