Algert Global LLC Reduces Stock Position in Magnera Corporation $MAGN

Key Points

• Algert Global LLC has reduced its stake in Magnera Corporation by 50%, selling 29,170 shares, leaving it with about 29,210 shares valued at $530,000.
• Multiple institutional investors are making significant adjustments, with Mitsubishi UFJ Asset Management Co. Ltd. increasing its stake by over 11,000% during the same quarter.
• Magnera's most recent earnings report showed a loss of ($0.51) EPS, significantly missing analysts' expectations, despite a 50.9% increase in revenue year-over-year.

Algert Global LLC lessened its stake in Magnera Corporation (NYSE:MAGN - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 29,210 shares of the company's stock after selling 29,170 shares during the quarter. Algert Global LLC owned 0.08% of Magnera worth $530,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Madison Avenue Partners LP acquired a new position in shares of Magnera in the 4th quarter valued at about $61,892,000. Vanguard Group Inc. increased its stake 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 purchasing an additional 12,229 shares in the last quarter. Engine Capital Management LP purchased a new position in shares of Magnera in the 4th quarter valued at about $42,851,000. Littlejohn & Co. LLC increased its stake 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 purchasing an additional 539,654 shares in the last quarter. Finally, Ancora Advisors LLC purchased a new position in shares of Magnera in the 4th quarter valued at about $30,047,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Magnera Price Performance

NYSE:MAGN traded up $0.07 during trading hours on Friday, hitting $12.39. 856,189 shares of the stock were exchanged, compared to its average volume of 547,590. Magnera Corporation has a 52-week low of $10.39 and a 52-week high of $26.78. The firm's fifty day moving average price is $12.88 and its 200 day moving average price is $14.96. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 1.76. The company has a market cap of $441.08 million, a P/E ratio of -1.62 and a beta of 1.67.

Magnera (NYSE:MAGN - Get Free Report) last posted its quarterly earnings data 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 for the quarter. The firm's revenue for the quarter was up 50.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MAGN shares. Wall Street Zen lowered Magnera from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company cut their price target on 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, Based on data from MarketBeat.com, Magnera currently has an average rating of "Hold" and a consensus target price of $17.50.

Magnera Company 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.