Magnera (NYSE:MAGN) Stock Price Up 2.2% – Time to Buy?

Shares of Magnera Corporation (NYSE:MAGN) were up 2.2% during trading on Friday . The company traded as high as $12.99 and last traded at $12.8810. Approximately 250,149 shares traded hands during trading, a decline of 26% from the average daily volume of 337,334 shares. The stock had previously closed at $12.60.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MAGN. Weiss Ratings upgraded shares of Magnera from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, June 1st. Wells Fargo & Company lifted their price objective on Magnera from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Magnera currently has an average rating of “Reduce” and a consensus price target of $14.50.

Magnera Price Performance

The company has a market capitalization of $461.14 million, a price-to-earnings ratio of -6.57 and a beta of 1.77. The firm has a 50-day simple moving average of $11.59 and a two-hundred day simple moving average of $12.13. The company has a current ratio of 2.33, a quick ratio of 1.55 and a debt-to-equity ratio of 1.83.

Magnera (NYSE:MAGN) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.50) earnings per share for the quarter. Magnera had a negative net margin of 3.37% and a negative return on equity of 10.30%. The business had revenue of $796.00 million during the quarter.

Institutional Investors Weigh In On Magnera

Large investors have recently modified their holdings of the company. Quadrant Capital Group LLC boosted its holdings in Magnera by 702.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company’s stock worth $28,000 after buying an additional 1,630 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Magnera by 106.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company’s stock valued at $30,000 after purchasing an additional 1,021 shares in the last quarter. Quarry LP acquired a new position in shares of Magnera in the fourth quarter worth about $30,000. BNP Paribas Financial Markets grew its position in shares of Magnera by 92.7% during the second quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company’s stock worth $37,000 after buying an additional 1,492 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Magnera by 13,014.3% in the 4th quarter. GAMMA Investing LLC now owns 3,672 shares of the company’s stock worth $56,000 after acquiring an additional 3,644 shares in the last quarter. 76.92% of the stock is owned by institutional investors and hedge funds.

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.