AlphaQuest LLC Takes Position in Magnera Corporation $MAGN

Key Points

• AlphaQuest LLC has acquired a new stake of 61,740 shares in Magnera Corporation, valued at approximately $1,121,000, increasing its ownership to 0.17% of the company.
• Two directors of Magnera, Bruce Brown and Tom Salmon, significantly increased their holdings in the company, with purchases representing a 5,881.94% and 92.95% increase in their respective positions.
• Research analysts have recently downgraded Magnera's ratings, with Wells Fargo reducing the price target from $16.00 to $14.00 and Wall Street Zen moving from a "hold" to a "sell" rating.

AlphaQuest LLC acquired a new stake in shares of Magnera Corporation (NYSE:MAGN - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 61,740 shares of the company's stock, valued at approximately $1,121,000. AlphaQuest LLC owned approximately 0.17% of Magnera as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of MAGN. JPMorgan Chase & Co. acquired a new position in shares of Magnera in the 4th quarter valued at $1,629,000. Geode Capital Management LLC acquired a new position in shares of Magnera in the 4th quarter valued at $6,491,000. Wells Fargo & Company MN acquired a new position in shares of Magnera in the 4th quarter valued at $154,000. Invesco Ltd. acquired a new position in shares of Magnera in the 4th quarter valued at $201,000. Finally, Legal & General Group Plc acquired a new position in shares of Magnera in the 4th quarter valued at $544,000. 76.92% of the stock is owned by institutional investors.

Magnera Price Performance

Shares of MAGN traded up $0.13 during trading hours on Friday, hitting $12.45. The stock had a trading volume of 115,669 shares, compared to its average volume of 625,660. The company's fifty day moving average is $12.88 and its two-hundred day moving average is $15.08. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.54 and a quick ratio of 1.62. Magnera Corporation has a 52 week low of $10.39 and a 52 week high of $26.78. The stock has a market capitalization of $443.22 million, a price-to-earnings ratio of -1.63 and a beta of 1.67.

Magnera (NYSE:MAGN - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.51) earnings per share 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 business's revenue for the quarter was up 50.9% on a year-over-year basis.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. 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 lowered their target price on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating on the stock in a report on Friday, July 18th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price 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.