Magnera (NYSE:MAGN) Stock Crosses Above 200-Day Moving Average - What's Next?

Key Points

• Magnera shares moved above their 200-day moving average, reaching $12.18 before closing at $12.065, up 2.1% in trading volume of 318,420 shares.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating, with two Hold ratings and one Sell rating, despite Wells Fargo raising its price target to $16 from $13.
• Magnera reported a quarterly loss of $0.56 per share on $857 million in revenue, while hedge funds and institutional investors own approximately 76.9% of the company.

Magnera Corporation (NYSE:MAGN - Get Free Report) shares passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.98 and traded as high as $12.18. Magnera shares last traded at $12.0650, with a volume of 318,420 shares traded.

Analyst Ratings Changes

A number of research firms have recently commented on MAGN. Wall Street Zen upgraded Magnera from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. Wells Fargo & Company upped their price target on Magnera from $13.00 to $16.00 and gave the company an "equal weight" rating in a report on Wednesday, July 15th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Magnera in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $16.00.

Magnera Trading Up 2.1%

The company has a debt-to-equity ratio of 1.87, a current ratio of 2.45 and a quick ratio of 1.57. The stock's 50-day moving average is $11.79 and its two-hundred day moving average is $11.98. The company has a market cap of $431.93 million, a P/E ratio of -6.00 and a beta of 1.75.

Magnera (NYSE:MAGN - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.56) EPS for the quarter. Magnera had a negative return on equity of 10.77% and a negative net margin of 3.41%. The company had revenue of $857.00 million during the quarter.

Hedge Funds Weigh In On Magnera

A number of institutional investors and hedge funds have recently modified their holdings of the company. Newtyn Management LLC increased its position in Magnera by 1.4% during the second quarter. Newtyn Management LLC now owns 2,800,000 shares of the company's stock valued at $32,900,000 after acquiring an additional 40,000 shares during the last quarter. Ancora Advisors LLC bought a new position in Magnera in the second quarter valued at about $4,356,000. Seven Six Capital Management LLC lifted its holdings in Magnera by 33.2% in the first quarter. Seven Six Capital Management LLC now owns 374,868 shares of the company's stock valued at $3,565,000 after acquiring an additional 93,350 shares during the period. Squarepoint Ops LLC boosted its position in Magnera by 22.1% in the second quarter. Squarepoint Ops LLC now owns 217,272 shares of the company's stock worth $2,553,000 after purchasing an additional 39,394 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Magnera by 107.9% in the first quarter. Dimensional Fund Advisors LP now owns 253,908 shares of the company's stock worth $2,415,000 after purchasing an additional 131,772 shares during the last quarter. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

About Magnera

Magnera Corporation is a global manufacturer of specialty materials, with a focus on nonwoven fabrics, films and related engineered products. The company develops materials designed to provide properties such as softness, strength, absorbency, barrier protection, filtration and durability.

Its products are used in a range of applications, including personal hygiene products, medical and healthcare supplies, wipes, filtration, protective apparel, building and construction materials, agriculture and industrial goods.

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