Magnera (NYSE:MAGN) Given New $24.00 Price Target at Wells Fargo & Company

Magnera (NYSE:MAGN) had its price objective raised by research analysts at Wells Fargo & Company from $22.00 to $24.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 22.08% from the company’s current price.

Magnera Stock Down 2.9 %

Shares of MAGN opened at $19.66 on Friday. The firm has a market cap of $68.81 million, a price-to-earnings ratio of -1.03 and a beta of 1.67. The company has a debt-to-equity ratio of 4.26, a quick ratio of 1.04 and a current ratio of 2.23. Magnera has a 52-week low of $15.80 and a 52-week high of $32.89.

Magnera (NYSE:MAGN) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($1.69) earnings per share for the quarter. Magnera had a negative return on equity of 17.71% and a negative net margin of 5.08%. During the same period in the previous year, the business earned ($0.25) earnings per share.

Hedge Funds Weigh In On Magnera

Several hedge funds have recently bought and sold shares of MAGN. PNC Financial Services Group Inc. purchased a new stake in Magnera during the 4th quarter worth approximately $84,000. Charles Schwab Investment Management Inc. acquired a new position in Magnera in the fourth quarter valued at approximately $1,180,000. Oppenheimer Asset Management Inc. purchased a new position in Magnera in the fourth quarter valued at approximately $427,000. Carlson Capital L.P. acquired a new stake in Magnera during the fourth quarter worth approximately $954,000. Finally, Illinois Municipal Retirement Fund purchased a new stake in Magnera in the fourth quarter valued at $216,000. Institutional investors and hedge funds own 76.92% of the company’s stock.

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.