Magnera (NYSE:MAGN) Share Price Breaks Above 200 Day Moving Average – Here’s Why

Magnera Corporation (NYSE:MAGN)’s stock price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.98 and traded as high as $12.18. Magnera shares last traded at $12.0650, with a volume of 318,420 shares.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Magnera from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Magnera in a report on Thursday, August 27th. Finally, Wells Fargo & Company increased their price target on shares of Magnera from $13.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $16.00.

Magnera Stock Up 2.1%

The company has a market capitalization of $431.93 million, a PE ratio of -6.00 and a beta of 1.75. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.45 and a quick ratio of 1.57. The company has a 50-day moving average of $11.79 and a two-hundred day moving average of $11.98.

Magnera (NYSE:MAGN) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.56) EPS for the quarter. Magnera had a negative return on equity of 10.77% and a negative net margin of 3.41%. The company had revenue of $857.00 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MAGN. Integrated Wealth Concepts LLC purchased a new stake in Magnera in the 2nd quarter worth approximately $55,000. Squarepoint Ops LLC raised its stake in Magnera by 22.1% during the 2nd quarter. Squarepoint Ops LLC now owns 217,272 shares of the company’s stock worth $2,553,000 after acquiring an additional 39,394 shares during the period. Odyssean LLC purchased a new position in Magnera during the second quarter valued at approximately $355,000. Newtyn Management LLC lifted its holdings in Magnera by 1.4% during the second quarter. Newtyn Management LLC now owns 2,800,000 shares of the company’s stock valued at $32,900,000 after purchasing an additional 40,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Magnera in the second quarter worth approximately $673,000. 76.92% of the stock is currently owned by institutional investors.

About Magnera

Magnera Corporation is a global manufacturer of specialty materials, with a focus on nonwoven fabrics, films and related engineered products. The company develops materials designed to provide properties such as softness, strength, absorbency, barrier protection, filtration and durability.

Its products are used in a range of applications, including personal hygiene products, medical and healthcare supplies, wipes, filtration, protective apparel, building and construction materials, agriculture and industrial goods.