Magnera (NYSE:MAGN) Stock Price Down 6% – Here’s What Happened

Magnera Corporation (NYSE:MAGN)’s stock price was down 6% during mid-day trading on Friday . The company traded as low as $14.06 and last traded at $14.19. Approximately 137,926 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 468,698 shares. The stock had previously closed at $15.09.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Vertical Research downgraded Magnera from a “buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a report on Wednesday, January 7th. Wall Street Zen raised Magnera from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Magnera in a research note on Monday, December 29th. Finally, Wells Fargo & Company raised their price target on shares of Magnera from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Magnera currently has an average rating of “Hold” and an average target price of $17.00.

Magnera Trading Down 6.7%

The firm has a market capitalization of $501.43 million, a price-to-earnings ratio of -1.84 and a beta of 1.70. The firm’s 50-day moving average is $13.34 and its 200 day moving average is $12.26. The company has a current ratio of 2.37, a quick ratio of 1.58 and a debt-to-equity ratio of 1.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MAGN. SG Americas Securities LLC acquired a new stake in Magnera in the fourth quarter worth $8,445,000. GAMMA Investing LLC boosted its position in shares of Magnera by 13,014.3% during the 4th quarter. GAMMA Investing LLC now owns 3,672 shares of the company’s stock worth $56,000 after purchasing an additional 3,644 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Magnera by 119.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 55,803 shares of the company’s stock worth $654,000 after purchasing an additional 30,404 shares in the last quarter. Alpine Global Management LLC grew its stake in shares of Magnera by 129.5% in the 3rd quarter. Alpine Global Management LLC now owns 229,456 shares of the company’s stock valued at $2,689,000 after buying an additional 129,456 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Magnera in the 3rd quarter valued at about $1,747,000. Institutional investors and hedge funds own 76.92% of the company’s stock.

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.