Magnera (NYSE:MAGN) Downgraded by Wells Fargo & Company to “Equal Weight”

Magnera (NYSE:MAGN) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Friday,Finviz reports. They currently have a $12.00 price target on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 16.82% from the stock’s previous close.

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

Magnera Trading Down 3.9%

Shares of Magnera stock opened at $10.27 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. The company has a fifty day simple moving average of $13.23 and a 200-day simple moving average of $12.30. The stock has a market cap of $368.76 million, a price-to-earnings ratio of -3.94 and a beta of 1.69. Magnera has a 12-month low of $7.82 and a 12-month high of $19.30.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Engine Capital Management LP grew its holdings in shares of Magnera by 5.3% during the second quarter. Engine Capital Management LP now owns 2,481,317 shares of the company’s stock worth $29,974,000 after buying an additional 124,076 shares during the last quarter. Scopia Capital Management LP raised its position in Magnera by 46.7% in the second quarter. Scopia Capital Management LP now owns 1,010,794 shares of the company’s stock worth $12,210,000 after acquiring an additional 321,579 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of Magnera in the fourth quarter valued at about $15,059,000. Nuveen LLC lifted its position in shares of Magnera by 969.6% during the 4th quarter. Nuveen LLC now owns 823,177 shares of the company’s stock valued at $12,463,000 after acquiring an additional 746,215 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Magnera by 427.4% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 786,083 shares of the company’s stock valued at $11,901,000 after buying an additional 637,041 shares in the last quarter. 76.92% of the stock is owned by hedge funds and other 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.