Magnera (NYSE:MAGN) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Magnera Corporation (NYSE:MAGN) 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 trading hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MAGN shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Magnera in a research report on Thursday, August 27th. Wall Street Zen raised Magnera from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Wells Fargo & Company upped their target price on 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.com, the stock presently has an average rating of “Reduce” and a consensus target price of $16.00.

Magnera Stock Down 2.2%

The firm has a market cap of $422.80 million, a price-to-earnings ratio of -5.88 and a beta of 1.75. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.57 and a current ratio of 2.45. The business’s 50-day moving average is $11.78 and its 200-day moving average is $11.97.

Magnera (NYSE:MAGN) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.56) earnings per share (EPS) for the quarter. The firm had revenue of $857.00 million for the quarter. Magnera had a negative net margin of 3.41% and a negative return on equity of 10.77%.

Institutional Investors Weigh In On Magnera

Large investors have recently bought and sold shares of the business. Bfsg LLC raised its position in Magnera by 310.8% in the 3rd quarter. Bfsg LLC now owns 6,080 shares of the company’s stock worth $69,000 after purchasing an additional 4,600 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Magnera in the 2nd quarter valued at $55,000. Squarepoint Ops LLC raised its position in shares of Magnera by 22.1% during the second quarter. Squarepoint Ops LLC now owns 217,272 shares of the company’s stock worth $2,553,000 after acquiring an additional 39,394 shares during the last quarter. Odyssean LLC acquired a new position in shares of Magnera during the second quarter valued at $355,000. Finally, Newtyn Management LLC boosted its holdings in Magnera by 1.4% in 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. 76.92% of the stock is currently owned by 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.