Magnera (NYSE:MAGN) Shares Up 4.1% – Here’s Why
by Kim Johansen · The Markets DailyMagnera Corporation (NYSE:MAGN – Get Free Report)’s share price traded up 4.1% on Wednesday . The stock traded as high as $15.52 and last traded at $15.1780. 83,182 shares traded hands during trading, a decline of 89% from the average session volume of 736,545 shares. The stock had previously closed at $14.58.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Magnera in a research report on Monday. Vertical Research upgraded shares of Magnera from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Thursday, November 20th. Wall Street Zen raised shares of Magnera from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Wells Fargo & Company upgraded shares of Magnera from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $12.00 to $16.00 in a research report on Monday, November 24th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Magnera presently has a consensus rating of “Hold” and an average price target of $15.50.
Read Our Latest Stock Analysis on Magnera
Magnera Trading Up 3.5%
The company has a current ratio of 2.37, a quick ratio of 1.58 and a debt-to-equity ratio of 1.83. The stock has a market capitalization of $537.28 million, a price-to-earnings ratio of -1.98 and a beta of 1.71. The business has a 50 day simple moving average of $11.38 and a 200-day simple moving average of $12.02.
Magnera (NYSE:MAGN – Get Free Report) last posted its quarterly earnings data on Thursday, February 10th. The company reported $0.22 EPS for the quarter. Magnera had a negative net margin of 4.96% and a negative return on equity of 14.47%. The company had revenue of $235.28 million during the quarter.
Institutional Trading of Magnera
Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its position in shares of Magnera by 92.7% in the 2nd 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 during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Magnera in the 2nd quarter worth about $41,000. FNY Investment Advisers LLC raised its holdings in shares of Magnera by 88.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 4,400 shares of the company’s stock worth $53,000 after purchasing an additional 2,060 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Magnera in the 2nd quarter valued at about $92,000. Finally, Aquatic Capital Management LLC purchased a new stake in shares of Magnera during the 3rd quarter worth about $99,000. 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.