Magnera's (MAGN) Equal Weight Rating Reiterated at Wells Fargo & Company

Magnera (NYSE:MAGN - Get Free Report)'s stock had its "equal weight" rating reissued by Wells Fargo & Company in a report released on Wednesday, MarketBeat reports. They currently have a $16.00 target price on the stock, down from their prior target price of $22.00. Wells Fargo & Company's price objective would indicate a potential upside of 27.29% from the company's previous close.

Separately, Vertical Research initiated coverage on Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price for the company.

Magnera Price Performance

Shares of Magnera stock traded down $0.52 on Wednesday, hitting $12.57. 181,572 shares of the company's stock traded hands, compared to its average volume of 544,515. The firm has a 50-day moving average price of $15.94. The company has a market cap of $447.49 million, a PE ratio of -0.69 and a beta of 1.76. Magnera has a one year low of $12.20 and a one year high of $26.78. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80.

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

Insider Buying and Selling at Magnera

In other news, CEO Curt Begle bought 20,275 shares of the stock in a transaction on 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 owns 44,341 shares in the company, valued at approximately $621,217.41. This trade represents a 84.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Carl J. Rickertsen bought 20,000 shares of the stock in a transaction on Thursday, February 27th. The shares were purchased at an average price of $20.33 per share, with a total value of $406,600.00. Following the acquisition, the director now owns 21,306 shares in the company, valued at approximately $433,150.98. This represents a 1,531.39% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 80,275 shares of company stock valued at $1,266,653. Company insiders own 2.26% of the company's stock.

Hedge Funds Weigh In On Magnera

Large investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new position in Magnera during the 4th quarter worth about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Magnera by 11,193.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company's stock worth $31,000 after acquiring an additional 1,679 shares in the last quarter. Shell Asset Management Co. bought a new stake in Magnera during the fourth quarter worth about $41,000. Vestcor Inc bought a new stake in Magnera during the fourth quarter worth about $46,000. Finally, State of Alaska Department of Revenue acquired a new stake in Magnera in the 4th quarter valued at about $48,000. 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.