Magnera Corporation $MAGN Shares Purchased by Ancora Advisors LLC

Key Points

• Ancora Advisors LLC has increased its stake in Magnera Corporation (NYSE:MAGN) by 1.3%, owning a total of 1,675,575 shares valued at $30.43 million.
• Magnera reported a loss of $0.51 earnings per share for the last quarter, significantly missing analysts' expectations, despite a 50.9% increase in revenue year-over-year.
• Wall Street analysts have downgraded Magnera's rating to "sell" from "hold", with an average price target now set at $17.50.

Ancora Advisors LLC lifted its stake in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 1.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,675,575 shares of the company's stock after acquiring an additional 21,895 shares during the quarter. Ancora Advisors LLC owned approximately 4.71% of Magnera worth $30,428,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in Magnera by 109.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock valued at $216,000 after buying an additional 6,180 shares during the period. Bank of America Corp DE acquired a new stake in Magnera in the fourth quarter valued at approximately $5,492,000. Man Group plc acquired a new stake in Magnera in the fourth quarter valued at approximately $862,000. Janus Henderson Group PLC acquired a new stake in Magnera in the fourth quarter valued at approximately $249,000. Finally, Tower Research Capital LLC TRC acquired a new stake in Magnera in the fourth quarter valued at approximately $165,000. 76.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MAGN has been the subject of several research reports. Wells Fargo & Company lowered their price objective on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating for the company in a research note on Friday, July 18th. Wall Street Zen cut shares of Magnera from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $17.50.

Magnera Stock Down 1.7%

MAGN traded down $0.21 during trading hours on Monday, hitting $11.80. 83,364 shares of the company's stock were exchanged, compared to its average volume of 634,395. Magnera Corporation has a 12-month low of $10.39 and a 12-month high of $26.78. The firm has a 50 day moving average of $12.84 and a 200 day moving average of $14.55. The firm has a market cap of $420.08 million, a P/E ratio of -1.54 and a beta of 1.73. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.51) EPS 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 firm had revenue of $839.00 million during the quarter. The company's quarterly revenue was up 50.9% compared to the same quarter last year.

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.