Magnera (NYSE:MAGN) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company cut shares of Magnera (NYSE:MAGN) from an overweight rating to an equal weight rating in a report published on Friday, MarketBeat Ratings reports. The firm currently has $12.00 price target on the stock, down from their previous price target of $19.00.

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

Magnera Stock Performance

Shares of NYSE MAGN opened at $9.36 on Friday. The company has a current ratio of 2.45, a quick ratio of 1.60 and a debt-to-equity ratio of 1.86. Magnera has a 12 month low of $7.82 and a 12 month high of $19.21. The company has a 50 day simple moving average of $13.13 and a two-hundred day simple moving average of $12.28. The stock has a market cap of $335.84 million, a price-to-earnings ratio of -3.58 and a beta of 1.69.

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

Hedge Funds Weigh In On Magnera

Several large investors have recently made changes to their positions in MAGN. Invesco Ltd. boosted its holdings in Magnera by 82.5% during the fourth quarter. Invesco Ltd. now owns 161,834 shares of the company’s stock worth $2,450,000 after buying an additional 73,134 shares in the last quarter. Empowered Funds LLC increased its holdings in Magnera by 10.8% in the fourth quarter. Empowered Funds LLC now owns 72,943 shares of the company’s stock valued at $1,104,000 after buying an additional 7,083 shares in the last quarter. XTX Topco Ltd purchased a new position in Magnera in the fourth quarter valued at $583,000. Susquehanna Portfolio Strategies LLC acquired a new position in shares of Magnera in the fourth quarter worth about $449,000. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Magnera in the fourth quarter worth about $2,347,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

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.