Ancora Advisors LLC Has $4.36 Million Stake in Magnera Corporation $MAGN

Key Points

• Ancora Advisors cut its Magnera stake by 48.6% in the second quarter, selling 350,389 shares and retaining 370,701 shares worth approximately $4.36 million. Institutional investors collectively own 76.92% of the company.
• Magnera reported a quarterly loss of $0.56 per share on $857 million in revenue, with a negative net margin of 3.41% and negative return on equity of 10.77%.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating, with two Hold ratings and one Sell rating, despite Wells Fargo raising its price target to $16 from $13.

Ancora Advisors LLC reduced its stake in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 48.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 370,701 shares of the company's stock after selling 350,389 shares during the period. Ancora Advisors LLC owned about 1.04% of Magnera worth $4,356,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Jefferies Financial Group Inc. purchased a new position in shares of Magnera during the fourth quarter valued at approximately $15,059,000. Nuveen LLC grew its position in Magnera by 969.6% in the 4th quarter. Nuveen LLC now owns 823,177 shares of the company's stock worth $12,463,000 after purchasing an additional 746,215 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Magnera by 427.4% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 786,083 shares of the company's stock worth $11,901,000 after purchasing an additional 637,041 shares in the last quarter. Clearline Capital LP increased its stake in Magnera by 272.4% in the 4th quarter. Clearline Capital LP now owns 660,605 shares of the company's stock valued at $10,002,000 after buying an additional 483,204 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Magnera by 234.9% in the 4th quarter. Jane Street Group LLC now owns 215,920 shares of the company's stock valued at $3,269,000 after buying an additional 375,920 shares during the last quarter. 76.92% of the stock is owned by hedge funds and other institutional investors.

Magnera Stock Performance

Magnera stock opened at $12.32 on Wednesday. Magnera Corporation has a 1-year low of $7.82 and a 1-year high of $15.52. The company has a current ratio of 2.45, a quick ratio of 1.57 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $441.06 million, a PE ratio of -6.13 and a beta of 1.74. The firm's 50 day simple moving average is $12.81 and its 200 day simple moving average is $11.73.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.56) EPS for the quarter. The firm had revenue of $857.00 million during the quarter. Magnera had a negative net margin of 3.41% and a negative return on equity of 10.77%.

Analyst Ratings Changes

MAGN has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Magnera from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. Weiss Ratings restated a "sell (d+)" rating on shares of Magnera in a report on Thursday, August 27th. Finally, Wells Fargo & Company lifted their price objective on shares of Magnera from $13.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $16.00.

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.

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