Wells Fargo & Company Reiterates Equal Weight Rating for Magnera (NYSE:MAGN)

Magnera (NYSE:MAGN)‘s stock had its “equal weight” rating reiterated by Wells Fargo & Company in a note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $16.00 price objective on the stock, down from their prior price objective of $22.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 18.17% from the company’s current price.

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

Magnera Stock Down 3.9%

Shares of NYSE:MAGN opened at $13.54 on Wednesday. Magnera has a 12-month low of $12.20 and a 12-month high of $26.78. The company has a market capitalization of $482.02 million, a PE ratio of -0.74 and a beta of 1.76. The stock’s 50 day moving average price is $16.08. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80.

Magnera (NYSE:MAGN) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($1.35). The company had revenue of $824.00 million during the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. Magnera’s revenue was up 47.7% compared to the same quarter last year.

Insider Buying and Selling at Magnera

In other news, CEO Curt Begle acquired 20,275 shares of the stock in a transaction on Friday, May 9th. The stock was acquired at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the completion of the transaction, the chief executive officer now directly 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 purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carl J. Rickertsen acquired 20,000 shares of the stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $13.65 per share, with a total value of $273,000.00. Following the completion of the transaction, the director now owns 41,306 shares of the company’s stock, valued at approximately $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 bought a total of 80,275 shares of company stock worth $1,266,653 over the last three months. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Rhumbline Advisers acquired a new position in shares of Magnera during the fourth quarter worth $55,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Magnera during the fourth quarter worth $101,000. Swiss National Bank acquired a new position in shares of Magnera during the fourth quarter worth $1,267,000. Ballentine Partners LLC acquired a new position in shares of Magnera during the fourth quarter worth $295,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Magnera during the fourth quarter worth $165,000. 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.