Alpine Global Management LLC Sells 42,724 Shares of Magnera Corporation $MAGN

Key Points

• Alpine Global Management LLC has reduced its stake in Magnera Corporation by 41.6%, now owning approximately 60,000 shares worth $1,090,000 following the sale of 42,724 shares.
• Analysts have downgraded Magnera from a "hold" to a "sell" rating, with a consensus price target of $17.50 amid concerns over its recent earnings performance, where it missed estimates by ($0.54) per share.
• Despite a 50.9% year-over-year increase in revenue, Magnera reported a negative net margin of 4.98% and a negative return on equity of 9.57% in its latest quarterly results.

Alpine Global Management LLC trimmed its position in Magnera Corporation (NYSE:MAGN - Free Report) by 41.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,000 shares of the company's stock after selling 42,724 shares during the period. Alpine Global Management LLC owned approximately 0.17% of Magnera worth $1,090,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Magnera by 109.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock worth $216,000 after buying an additional 6,180 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Magnera during the 4th quarter worth $5,492,000. Man Group plc purchased a new stake in shares of Magnera in the fourth quarter valued at $862,000. Janus Henderson Group PLC purchased a new stake in shares of Magnera in the fourth quarter valued at $249,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Magnera in the fourth quarter valued at $165,000. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

Magnera Price Performance

Shares of MAGN stock traded up $0.02 during mid-day trading on Friday, hitting $11.96. 311,602 shares of the stock traded hands, compared to its average volume of 634,931. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.62 and a current ratio of 2.54. Magnera Corporation has a twelve month low of $10.39 and a twelve month high of $26.78. The firm has a market cap of $425.78 million, a price-to-earnings ratio of -1.57 and a beta of 1.73. The company's 50-day simple moving average is $12.85 and its 200-day simple moving average is $14.72.

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

Wall Street Analyst Weigh In

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