Wells Fargo & Company Issues Pessimistic Forecast for Magnera (NYSE:MAGN) Stock Price

Magnera (NYSE:MAGN - Get Free Report) had its target price cut by equities researchers at Wells Fargo & Company from $16.00 to $14.00 in a report released on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 7.44% from the company's current price.

Magnera Stock Performance

NYSE MAGN traded down $0.53 during trading hours on Friday, hitting $13.03. 288,647 shares of the company's stock were exchanged, compared to its average volume of 633,288. The stock has a 50 day simple moving average of $12.93. Magnera has a 12-month low of $11.43 and a 12-month high of $26.78. The firm has a market capitalization of $463.87 million, a price-to-earnings ratio of -1.09 and a beta of 1.65. The company has a quick ratio of 1.54, a current ratio of 2.40 and a debt-to-equity ratio of 1.82.

Magnera (NYSE:MAGN - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing the consensus estimate of $0.20 by ($1.35). The business had revenue of $824.00 million for the quarter. Magnera had a negative return on equity of 10.88% and a negative net margin of 6.06%. The company's quarterly revenue was up 47.7% compared to the same quarter last year.

Insider Activity at Magnera

In other news, Director Carl J. Rickertsen purchased 20,000 shares of the company's stock in a transaction on Thursday, May 15th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $273,000.00. Following the completion of the purchase, the director directly owned 41,306 shares of the company's stock, valued at $563,826.90. The trade was a 93.87% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Tom Salmon purchased 17,000 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were purchased 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 of the company's stock, valued at $421,350.66. The trade was a 92.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 94,215 shares of company stock valued at $1,263,094 over the last three months. Insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Magnera

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Magnera by 109.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock valued at $216,000 after buying an additional 6,180 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Magnera in the fourth quarter valued at about $5,492,000. Man Group plc acquired a new stake in shares of Magnera in the fourth quarter valued at about $862,000. Swiss National Bank acquired a new stake in shares of Magnera in the fourth quarter valued at about $1,267,000. Finally, Janus Henderson Group PLC acquired a new stake in shares of Magnera in the fourth quarter valued at about $249,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

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.

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