Aristeia Capital L.L.C. Acquires Shares of 26,937 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. acquired a new position in shares of Magnera Corporation (NYSE:MAGN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 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.

Several other hedge funds also recently modified their holdings of MAGN. Madison Avenue Partners LP bought a new position in shares of Magnera in the 4th quarter valued at about $61,892,000. Littlejohn & Co. LLC bought a new position in shares of Magnera in the 4th quarter valued at about $25,591,000. Newtyn Management LLC bought a new position in shares of Magnera in the 4th quarter valued at about $16,353,000. Millennium Management LLC bought a new position in shares of Magnera in the 4th quarter valued at about $16,299,000. Finally, Irenic Capital Management LP bought a new position in shares of Magnera in the 4th quarter valued at about $16,276,000. Institutional investors own 76.92% of the company's stock.

Magnera Stock Performance

Shares of MAGN stock traded down $0.56 during midday trading on Friday, hitting $11.06. 813,693 shares of the company were exchanged, compared to its average volume of 518,957. The firm has a market capitalization of $393.74 million, a P/E ratio of -1.45 and a beta of 1.73. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.62 and a current ratio of 2.54. The firm's 50 day moving average price is $12.70 and its two-hundred day moving average price is $14.31. Magnera Corporation has a 52 week low of $10.39 and a 52 week high of $26.78.

Magnera (NYSE:MAGN - Get Free Report) last announced 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). The company had revenue of $839.00 million for the quarter. Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%.The firm's quarterly revenue was up 50.9% on a year-over-year basis.

Analyst Ratings Changes

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

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.