Magnera Sees Unusually High Options Volume (NYSE:MAGN)

Magnera Corporation (NYSE:MAGN) was the recipient of some unusual options trading activity on Thursday. Traders purchased 2,595 call options on the company. This is an increase of approximately 1,033% compared to the average daily volume of 229 call options.

Magnera Price Performance

Shares of Magnera stock traded up $2.88 during trading on Thursday, reaching $10.84. 5,859,248 shares of the company’s stock were exchanged, compared to its average volume of 678,539. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.62 and a current ratio of 2.54. Magnera has a 1-year low of $7.82 and a 1-year high of $23.19. The company has a market cap of $386.01 million, a P/E ratio of -1.42 and a beta of 1.76. The firm’s 50-day moving average price is $9.99 and its 200 day moving average price is $11.86.

Magnera (NYSE:MAGN) last released its quarterly earnings data on Thursday, February 10th. The company reported $0.22 earnings per share for the quarter. Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%.The business had revenue of $235.28 million for the quarter.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Magnera in a report on Wednesday, October 8th. Wells Fargo & Company reduced their price target on Magnera from $14.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 15th. Wall Street Zen lowered Magnera from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Finally, Vertical Research upgraded Magnera from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research report on Thursday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.50.

Institutional Investors Weigh In On Magnera

Hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Magnera by 11,193.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company’s stock worth $31,000 after acquiring an additional 1,679 shares during the last quarter. BNP Paribas Financial Markets increased its position in Magnera by 92.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company’s stock valued at $37,000 after purchasing an additional 1,492 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in Magnera during the 2nd quarter valued at approximately $41,000. FNY Investment Advisers LLC raised its holdings in Magnera by 88.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 4,400 shares of the company’s stock worth $53,000 after purchasing an additional 2,060 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Magnera in the 2nd quarter worth approximately $92,000. 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.