146,366 Magnera Corporation $MAGN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Magnera stake by 26.2%, selling 146,366 shares and retaining 412,591 shares valued at approximately $4.68 million. Institutional investors collectively own 76.92% of the company.
• Analyst sentiment remains cautious: Magnera has an average rating of “Reduce” and a consensus price target of $16, with two Hold ratings and one Sell rating.
• Magnera reported a quarterly loss of $0.56 per share on $857 million in revenue. Its stock opened at $11.06, within a 12-month range of $7.82 to $15.52.

Assenagon Asset Management S.A. reduced its position in Magnera Corporation (NYSE:MAGN - Free Report) by 26.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 412,591 shares of the company's stock after selling 146,366 shares during the period. Assenagon Asset Management S.A. owned about 1.15% of Magnera worth $4,679,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Newtyn Management LLC raised its stake 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 buying an additional 40,000 shares during the period. Seven Six Capital Management LLC raised its holdings in Magnera by 33.2% in the 1st quarter. Seven Six Capital Management LLC now owns 374,868 shares of the company's stock valued at $3,565,000 after acquiring an additional 93,350 shares during the period. Ancora Advisors LLC acquired a new stake in Magnera during the 2nd quarter worth approximately $4,356,000. Dimensional Fund Advisors LP increased its position in Magnera by 107.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 253,908 shares of the company's stock worth $2,415,000 after buying an additional 131,772 shares during the period. Finally, Squarepoint Ops LLC increased its position in Magnera by 22.1% during the 2nd quarter. Squarepoint Ops LLC now owns 217,272 shares of the company's stock worth $2,553,000 after buying an additional 39,394 shares during the period. Institutional investors own 76.92% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a "sell (d+)" rating on shares of Magnera in a research report on Thursday, August 27th. Wall Street Zen raised shares of Magnera from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Wells Fargo & Company boosted their price target 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 equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $16.00.

Magnera Stock Up 0.9%

MAGN stock opened at $11.06 on Wednesday. The stock has a market capitalization of $395.80 million, a P/E ratio of -5.50 and a beta of 1.75. The company has a current ratio of 2.45, a quick ratio of 1.57 and a debt-to-equity ratio of 1.87. Magnera Corporation has a 12 month low of $7.82 and a 12 month high of $15.52. The firm has a 50-day moving average price of $11.85 and a 200-day moving average price of $11.75.

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

Magnera Company Profile

Magnera Corporation is a global manufacturer of specialty nonwoven materials and engineered products. Its portfolio includes airlaid, spunlace, spunbond, meltblown and needlepunched nonwovens, as well as films, laminates, composites, coated materials and other performance solutions.

The company supplies materials used in a range of consumer, healthcare and industrial applications. Its products support hygiene and personal-care goods, medical and healthcare products, wipes, filtration, construction and roofing materials, food and industrial packaging, transportation, and other specialized markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.