Magnera (NYSE:MAGN) Stock Rating Lowered by Wall Street Zen

Key Points

• Magnera has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, indicating a more negative outlook for the company's stock.
• Wells Fargo also cut their price target for Magnera from $16.00 to $14.00, maintaining an "equal weight" rating on the stock.
• Despite recent downgrades, shares of Magnera saw a **2.2% increase** in trading, opening at $12.74.

Magnera (NYSE:MAGN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Separately, Wells Fargo & Company dropped their target price on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating for the company in a research report on Friday, July 18th.

Magnera Price Performance

Shares of NYSE:MAGN traded up $0.10 during midday trading on Friday, reaching $13.58. 128,215 shares of the company were exchanged, compared to its average volume of 645,738. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 1.76. The business's fifty day moving average is $12.95 and its two-hundred day moving average is $15.57. Magnera has a one year low of $10.39 and a one year high of $26.78. The stock has a market cap of $483.45 million, a PE ratio of -1.78 and a beta of 1.67.

Magnera (NYSE:MAGN - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.51) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.54). Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%. The company had revenue of $839.00 million for the quarter. Magnera's revenue for the quarter was up 50.9% on a year-over-year basis.

Insider Activity at Magnera

In other Magnera news, Director Tom Salmon purchased 17,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were bought at an average price of $11.94 per share, with a total value of $202,980.00. Following the completion of the purchase, the director directly owned 35,289 shares in the company, valued at $421,350.66. This trade represents a 92.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Carl J. Rickertsen purchased 20,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were acquired at an average cost of $13.65 per share, for a total transaction of $273,000.00. Following the purchase, the director owned 41,306 shares of the company's stock, valued at $563,826.90. This represents a 93.87% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 53,940 shares of company stock valued at $676,041 over the last 90 days. 2.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnera

A number of hedge funds have recently bought and sold shares of MAGN. New York State Common Retirement Fund purchased a new stake in shares of Magnera in the second quarter valued at $127,000. Norges Bank purchased a new stake in shares of Magnera in the second quarter valued at $488,000. XTX Topco Ltd raised its stake in shares of Magnera by 326.2% in the second quarter. XTX Topco Ltd now owns 57,885 shares of the company's stock valued at $699,000 after acquiring an additional 44,302 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in shares of Magnera in the second quarter valued at $41,000. Finally, Rhumbline Advisers raised its stake in shares of Magnera by 3,290.8% in the second quarter. Rhumbline Advisers now owns 51,269 shares of the company's stock valued at $619,000 after acquiring an additional 49,757 shares during the period. 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.