Magnera (NYSE:MAGN) Stock Price Down 4.2% – Time to Sell?

Shares of Magnera Corporation (NYSE:MAGN) were down 4.2% during trading on Wednesday. The company traded as low as $10.51 and last traded at $10.6210. Approximately 403,323 shares traded hands during mid-day trading, an increase of 5% from the average daily volume of 384,071 shares. The stock had previously closed at $11.09.

Analysts Set New Price Targets

MAGN has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Magnera in a research note on Thursday, August 27th. Wall Street Zen raised shares of Magnera from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Wells Fargo & Company raised their price objective 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 research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $16.00.

Magnera Price Performance

The stock has a market cap of $394.84 million, a price-to-earnings ratio of -5.49 and a beta of 1.75. The company has a current ratio of 2.45, a quick ratio of 1.57 and a debt-to-equity ratio of 1.87. The company’s fifty day moving average is $11.96 and its two-hundred day moving average is $11.72.

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

Hedge Funds Weigh In On Magnera

Several institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new position in Magnera during the 2nd quarter worth $1,501,000. Readystate Asset Management LP grew its position in shares of Magnera by 114.8% during the first quarter. Readystate Asset Management LP now owns 202,213 shares of the company’s stock worth $1,923,000 after buying an additional 108,082 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Magnera by 107.9% during the first quarter. Dimensional Fund Advisors LP now owns 253,908 shares of the company’s stock worth $2,415,000 after buying an additional 131,772 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of Magnera during the second quarter worth approximately $4,356,000. Finally, Seven Six Capital Management LLC increased its stake in shares of Magnera by 33.2% during the first quarter. Seven Six Capital Management LLC now owns 374,868 shares of the company’s stock worth $3,565,000 after buying an additional 93,350 shares during the period. Institutional investors and hedge funds own 76.92% of the company’s stock.

About Magnera

Magnera Corporation is a global manufacturer of specialty nonwoven materials and engineered products. Its portfolio includes airlaid, spunlace, spunbond, meltblown and needlepunched nonwovens, as well as films, laminates, composites, coated materials and other performance solutions.

The company supplies materials used in a range of consumer, healthcare and industrial applications. Its products support hygiene and personal-care goods, medical and healthcare products, wipes, filtration, construction and roofing materials, food and industrial packaging, transportation, and other specialized markets.