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

Several other large investors also recently added to or reduced their stakes in MAGN. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Magnera by 11,193.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company's stock worth $31,000 after acquiring an additional 1,679 shares during the period. Shell Asset Management Co. bought a new position in shares of Magnera in the 4th quarter valued at about $41,000. Public Employees Retirement Association of Colorado bought a new position in Magnera during the 4th quarter worth approximately $58,000. GAMMA Investing LLC boosted its stake in Magnera by 1,132.5% during the 1st quarter. GAMMA Investing LLC now owns 3,759 shares of the company's stock worth $68,000 after acquiring an additional 3,454 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Magnera in the fourth quarter valued at approximately $73,000. 76.92% of the stock is owned by institutional investors.

Magnera Stock Down 4.4%

NYSE MAGN traded down $0.53 on Wednesday, reaching $11.61. The company had a trading volume of 1,518,740 shares, compared to its average volume of 542,738. The stock has a market capitalization of $413.32 million, a P/E ratio of -1.52 and a beta of 1.73. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 1.76. The company's fifty day moving average is $12.86 and its 200 day moving average is $14.80. 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 posted its quarterly 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). The company had revenue of $839.00 million for the quarter. Magnera had a negative net margin of 4.98% and a negative return on equity of 9.57%. Magnera's revenue for the quarter 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 downgraded shares of Magnera from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus 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.