Magnera (NYSE:MAGN) Issues Quarterly Earnings Results

Magnera (NYSE:MAGN) posted its quarterly earnings results on Wednesday. The company reported ($0.34) earnings per share for the quarter, Zacks reports. Magnera had a negative net margin of 4.96% and a negative return on equity of 14.47%.

Magnera Price Performance

NYSE:MAGN traded up $0.68 during trading hours on Wednesday, hitting $14.18. 708,963 shares of the company’s stock traded hands, compared to its average volume of 492,811. Magnera has a 52 week low of $7.82 and a 52 week high of $23.19. The business’s fifty day simple moving average is $14.35 and its two-hundred day simple moving average is $12.29. The company has a quick ratio of 1.58, a current ratio of 2.37 and a debt-to-equity ratio of 1.83. The firm has a market cap of $508.35 million, a P/E ratio of -1.86 and a beta of 1.70.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Invesco Ltd. grew its stake in Magnera by 107.5% in the 2nd quarter. Invesco Ltd. now owns 67,808 shares of the company’s stock worth $819,000 after buying an additional 35,132 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Magnera during the 1st quarter worth $965,000. Bank of America Corp DE lifted its holdings in shares of Magnera by 1.2% during the 2nd quarter. Bank of America Corp DE now owns 211,735 shares of the company’s stock worth $2,558,000 after acquiring an additional 2,545 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Magnera in the third quarter worth $1,747,000. Finally, Boothbay Fund Management LLC increased its stake in Magnera by 32.0% in the second quarter. Boothbay Fund Management LLC now owns 69,265 shares of the company’s stock valued at $837,000 after acquiring an additional 16,811 shares during the last quarter. 76.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MAGN shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Magnera in a report on Monday, December 29th. Vertical Research cut shares of Magnera from a “buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a report on Wednesday, January 7th. Wells Fargo & Company raised their price target on Magnera from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. Finally, Wall Street Zen upgraded Magnera from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $17.00.

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.