Magnera (NYSE:MAGN) Announces Earnings Results

Magnera (NYSE:MAGN) announced its quarterly earnings results on Wednesday. The company reported ($0.56) earnings per share for the quarter, Zacks reports. Magnera had a negative net margin of 3.37% and a negative return on equity of 10.30%.

Magnera Stock Down 0.8%

Magnera stock traded down $0.11 during midday trading on Wednesday, hitting $13.58. 319,950 shares of the stock were exchanged, compared to its average volume of 399,504. Magnera has a 1 year low of $7.82 and a 1 year high of $15.52. The company has a debt-to-equity ratio of 1.83, a current ratio of 2.33 and a quick ratio of 1.55. The firm has a market cap of $486.02 million, a P/E ratio of -6.93 and a beta of 1.74. The company has a 50 day moving average price of $12.60 and a two-hundred day moving average price of $11.94.

Wall Street Analysts Forecast Growth

MAGN has been the subject of a number of research reports. Weiss Ratings upgraded Magnera from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, June 1st. Wall Street Zen raised shares of Magnera from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Wells Fargo & Company raised their target price on shares of Magnera from $13.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $16.00.

Institutional Trading of Magnera

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quadrant Capital Group LLC raised its stake in Magnera by 702.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company’s stock valued at $28,000 after buying an additional 1,630 shares in the last quarter. Quarry LP acquired a new position in shares of Magnera during the fourth quarter valued at $30,000. Caitong International Asset Management Co. Ltd boosted its stake in Magnera by 106.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company’s stock valued at $30,000 after purchasing an additional 1,021 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Magnera by 92.7% during the second quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company’s stock worth $37,000 after buying an additional 1,492 shares during the period. Finally, Aquatic Capital Management LLC bought a new position in shares of Magnera in the third quarter worth $99,000. 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.