Wells Fargo & Company Initiates Coverage on Magnera (NYSE:MAGN)

Wells Fargo & Company started coverage on shares of Magnera (NYSE:MAGN) in a research note issued to investors on Thursday morning, MarketBeat reports. The brokerage issued an overweight rating and a $22.00 target price on the stock.

Magnera Stock Performance

MAGN stock opened at $17.20 on Thursday. Magnera has a one year low of $15.80 and a one year high of $35.23. The company has a current ratio of 2.23, a quick ratio of 1.04 and a debt-to-equity ratio of 4.26. The firm has a market cap of $60.20 million, a P/E ratio of -0.90 and a beta of 1.67.

Hedge Funds Weigh In On Magnera

An institutional investor recently bought a new position in Magnera stock. KBC Group NV acquired a new stake in Magnera Corp (NYSE:MAGN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,814 shares of the company’s stock, valued at approximately $51,000. KBC Group NV owned approximately 0.08% of Magnera at the end of the most recent reporting period. Institutional investors 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.