Magnera (NYSE:MAGN) Earns "Equal Weight" Rating from Wells Fargo & Company

Magnera (NYSE:MAGN - Get Free Report)'s stock had its "equal weight" rating restated by equities researchers at Wells Fargo & Company in a report issued on Wednesday, Marketbeat reports. They presently have a $16.00 price target on the stock, down from their prior price target of $22.00. Wells Fargo & Company's price target suggests a potential upside of 22.14% from the stock's current price.

Separately, Vertical Research assumed coverage on shares of Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price on the stock.

Magnera Trading Down 3.3%

Shares of Magnera stock traded down $0.45 on Wednesday, reaching $13.10. The stock had a trading volume of 718,022 shares, compared to its average volume of 548,501. Magnera has a 1 year low of $12.20 and a 1 year high of $26.78. The stock has a market capitalization of $466.36 million, a P/E ratio of -0.71 and a beta of 1.76. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. The stock's 50 day moving average price is $15.94.

Magnera (NYSE:MAGN - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($1.35). The company had revenue of $824.00 million during the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. The company's quarterly revenue was up 47.7% compared to the same quarter last year.

Insider Buying and Selling at Magnera

In other Magnera news, Director Carl J. Rickertsen purchased 20,000 shares of Magnera stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the transaction, the director now directly owns 21,306 shares of the company's stock, valued at approximately $433,150.98. The trade was a 1,531.39% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Curt Begle bought 20,275 shares of the business's stock in a transaction dated Friday, May 9th. The stock was purchased at an average price of $14.01 per share, for a total transaction of $284,052.75. Following the acquisition, the chief executive officer now directly owns 44,341 shares of the company's stock, valued at approximately $621,217.41. The trade was a 84.25% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 80,275 shares of company stock worth $1,266,653 over the last ninety days. Insiders own 2.26% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC bought a new stake in Magnera in the first quarter valued at $965,000. Clearline Capital LP lifted its position in Magnera by 3.6% during the first quarter. Clearline Capital LP now owns 524,539 shares of the company's stock valued at $9,526,000 after buying an additional 18,000 shares during the period. Aristeia Capital L.L.C. purchased a new position in Magnera during the first quarter valued at $489,000. Dynamic Technology Lab Private Ltd purchased a new position in Magnera during the first quarter valued at $208,000. Finally, Seven Six Capital Management LLC lifted its position in Magnera by 13.6% during the first quarter. Seven Six Capital Management LLC now owns 196,368 shares of the company's stock valued at $3,566,000 after buying an additional 23,504 shares during the period. 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.