Aristeia Capital L.L.C. Acquires New Position in Magnera Corporation $MAGN

Key Points

• Aristeia Capital L.L.C. acquired 26,937 shares of Magnera Corporation, valued at approximately $489,000, making it a new investor in the company.
• Magnera reported a loss of ($0.51) per share in its recent quarterly earnings, missing analyst estimates, despite achieving a 50.9% year-over-year increase in revenue.
• Multiple analysts have downgraded their ratings on Magnera, with Wells Fargo reducing its target price from $16.00 to $14.00, indicating decreased investor confidence.

Aristeia Capital L.L.C. bought a new stake in Magnera Corporation (NYSE:MAGN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 26,937 shares of the company's stock, valued at approximately $489,000. Aristeia Capital L.L.C. owned about 0.08% of Magnera at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Madison Avenue Partners LP purchased a new position in shares of Magnera in the 4th quarter valued at $61,892,000. Vanguard Group Inc. grew its position in shares of Magnera by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 2,896,519 shares of the company's stock valued at $52,601,000 after buying an additional 12,229 shares during the last quarter. Littlejohn & Co. LLC grew its position in shares of Magnera by 38.3% in the 1st quarter. Littlejohn & Co. LLC now owns 1,948,060 shares of the company's stock valued at $35,377,000 after buying an additional 539,654 shares during the last quarter. Ancora Advisors LLC grew its position in shares of Magnera by 1.3% in the 1st quarter. Ancora Advisors LLC now owns 1,675,575 shares of the company's stock valued at $30,428,000 after buying an additional 21,895 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its position in shares of Magnera by 1.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,316,988 shares of the company's stock valued at $23,916,000 after buying an additional 14,997 shares during the last quarter. 76.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MAGN shares. Wall Street Zen cut shares of Magnera from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company decreased their price target on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating for the company in a research note on Friday, July 18th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $17.50.

Magnera Stock Performance

Shares of MAGN stock traded down $0.32 during mid-day trading on Wednesday, hitting $11.38. The stock had a trading volume of 642,722 shares, compared to its average volume of 499,754. Magnera Corporation has a fifty-two week low of $10.39 and a fifty-two week high of $26.78. The firm has a market cap of $405.13 million, a PE ratio of -1.49 and a beta of 1.73. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.54 and a quick ratio of 1.62. The company's 50-day simple moving average is $12.77 and its 200-day simple moving average is $14.44.

Magnera (NYSE:MAGN - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.54). Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%.The firm had revenue of $839.00 million during the quarter. The firm's revenue was up 50.9% on a year-over-year basis.

Magnera 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.