Magnera (NYSE:MAGN) Rating Lowered to Equal Weight at Wells Fargo & Company

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

Several other equities research analysts also recently weighed in on the company. Vertical Research downgraded Magnera from a “buy” rating to a “hold” rating and set a $16.00 price target on the stock. in a report on Wednesday, January 7th. Wall Street Zen cut Magnera from a “hold” rating to a “sell” rating in a research note 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 research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Magnera has a consensus rating of “Reduce” and a consensus price target of $14.00.

Magnera Stock Performance

Shares of MAGN stock opened at $10.27 on Friday. The firm has a 50 day moving average of $13.23 and a two-hundred day moving average of $12.30. The stock has a market capitalization of $368.76 million, a PE ratio of -3.94 and a beta of 1.69. The company has a quick ratio of 1.60, a current ratio of 2.45 and a debt-to-equity ratio of 1.86. Magnera has a 52 week low of $7.82 and a 52 week high of $19.30.

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

Hedge Funds Weigh In On Magnera

Several large investors have recently bought and sold shares of the business. Jefferies Financial Group Inc. purchased a new stake in Magnera during the 4th quarter worth about $15,059,000. Nuveen LLC increased its holdings in shares of Magnera by 969.6% in 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 last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Magnera by 427.4% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 786,083 shares of the company’s stock worth $11,901,000 after acquiring an additional 637,041 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Magnera during the 4th quarter worth about $8,445,000. Finally, Clearline Capital LP lifted its stake in Magnera by 272.4% during the fourth quarter. Clearline Capital LP now owns 660,605 shares of the company’s stock worth $10,002,000 after purchasing an additional 483,204 shares during the last quarter. Hedge funds and other institutional investors own 76.92% of the company’s stock.

About Magnera

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.