Magnera (NYSE:MAGN) Shares Up 2.2% – Here’s Why

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

Analysts Set New Price Targets

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

Magnera Stock Performance

The company has a debt-to-equity ratio of 1.83, a current ratio of 2.33 and a quick ratio of 1.55. 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 company’s 50-day moving average price is $11.59 and its two-hundred day moving average price is $12.13.

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

Institutional Trading of Magnera

Hedge funds have recently added to or reduced their stakes in the business. JB Capital Partners LP purchased a new position in Magnera in the 3rd quarter worth approximately $1,992,000. Clearline Capital LP purchased a new stake in Magnera in the third quarter worth about $2,079,000. Alpine Global Management LLC grew its holdings in Magnera by 129.5% in the third quarter. Alpine Global Management LLC now owns 229,456 shares of the company’s stock worth $2,689,000 after purchasing an additional 129,456 shares during the period. SG Americas Securities LLC purchased a new position in shares of Magnera during the fourth quarter valued at approximately $8,445,000. Finally, GSA Capital Partners LLP boosted its position in shares of Magnera by 882.9% in the 4th quarter. GSA Capital Partners LLP now owns 128,095 shares of the company’s stock worth $1,939,000 after purchasing an additional 115,062 shares in the last quarter. 76.92% of the stock is owned by institutional investors.

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.