Magnera (NYSE:MAGN) Posts Earnings Results

Magnera (NYSE:MAGN) announced its quarterly earnings data on Wednesday. The company reported ($0.34) earnings per share (EPS) for the quarter, Zacks reports. Magnera had a negative net margin of 4.96% and a negative return on equity of 14.47%.

Magnera Trading Up 5.0%

NYSE:MAGN traded up $0.68 during trading hours on Wednesday, hitting $14.18. The company had a trading volume of 708,963 shares, compared to its average volume of 492,811. The company has a debt-to-equity ratio of 1.83, a current ratio of 2.37 and a quick ratio of 1.58. The stock has a 50-day moving average price of $14.35 and a 200 day moving average price of $12.29. The company has a market capitalization of $508.35 million, a PE ratio of -1.86 and a beta of 1.70. Magnera has a 52 week low of $7.82 and a 52 week high of $23.19.

Institutional Investors Weigh In On Magnera

Large investors have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. bought a new position in Magnera in the third quarter worth about $1,747,000. Public Employees Retirement System of Ohio raised its position in shares of Magnera by 2,078.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,538 shares of the company’s stock worth $206,000 after acquiring an additional 16,733 shares in the last quarter. Brevan Howard Capital Management LP purchased a new position in shares of Magnera in the 3rd quarter valued at approximately $203,000. Aquatic Capital Management LLC bought a new stake in shares of Magnera during the third quarter valued at approximately $99,000. Finally, Alliancebernstein L.P. grew its stake in Magnera by 73.1% in the third quarter. Alliancebernstein L.P. now owns 36,938 shares of the company’s stock worth $433,000 after purchasing an additional 15,600 shares during the period. Institutional investors own 76.92% of the company’s stock.

Analysts Set New Price Targets

MAGN has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Magnera in a research report on Monday, December 29th. Wells Fargo & Company increased their target price on Magnera from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Wall Street Zen raised Magnera from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, Vertical Research lowered Magnera from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Magnera presently has an average rating of “Hold” and a consensus price target of $17.00.

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.