Magnera (NYSE:MAGN) Rating Lowered to “Equal Weight” at Wells Fargo & Company

Magnera (NYSE:MAGN) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $12.00 price target on the stock, down from their prior price target of $19.00. Wells Fargo & Company‘s price target would indicate a potential upside of 28.27% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Magnera from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Magnera in a research report on Monday, December 29th. Finally, Vertical Research downgraded Magnera from a “buy” rating to a “hold” rating and set a $16.00 price target for the company. in a report on Wednesday, January 7th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $14.00.

Magnera Price Performance

Magnera stock opened at $9.36 on Friday. The stock’s 50 day moving average is $13.13 and its 200 day moving average is $12.28. Magnera has a one year low of $7.82 and a one year high of $19.21. The firm has a market cap of $335.84 million, a P/E ratio of -3.58 and a beta of 1.69. The company has a debt-to-equity ratio of 1.86, a current ratio of 2.45 and a quick ratio of 1.60.

Magnera (NYSE:MAGN) last released its earnings results on Thursday, February 5th. The company reported ($0.34) earnings per share for the quarter. The firm had revenue of $792.00 million for the quarter. Magnera had a negative net margin of 4.04% and a negative return on equity of 12.30%.

Institutional Trading of Magnera

Large investors have recently modified their holdings of the stock. Invesco Ltd. lifted its position in shares of Magnera by 82.5% during the 4th quarter. Invesco Ltd. now owns 161,834 shares of the company’s stock valued at $2,450,000 after acquiring an additional 73,134 shares during the period. Empowered Funds LLC boosted its stake in Magnera by 10.8% during the fourth quarter. Empowered Funds LLC now owns 72,943 shares of the company’s stock worth $1,104,000 after acquiring an additional 7,083 shares in the last quarter. XTX Topco Ltd acquired a new stake in Magnera in the fourth quarter worth $583,000. Susquehanna Portfolio Strategies LLC bought a new stake in Magnera in the fourth quarter valued at $449,000. Finally, Tudor Investment Corp ET AL bought a new stake in Magnera in the fourth quarter valued at $2,347,000. Institutional investors and hedge funds own 76.92% of the company’s stock.

About Magnera

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.