Assenagon Asset Management S.A. Decreases Stake in Magnera Corporation $MAGN

Key Points

• Assenagon Asset Management reduced its Magnera stake by 24.7% in the second quarter, selling 183,468 shares and retaining 558,957 shares worth approximately $6.6 million. Institutional investors collectively own 76.92% of the company.
• Analyst sentiment remains cautious: Magnera has a consensus rating of “Reduce” and a $16 price target, with two Hold ratings and one Sell rating.
• Magnera shares opened at $12.51, while the company reported a quarterly loss of $0.56 per share on $857 million in revenue. The stock is down 4.5% and the company posted negative net margins and return on equity.

Assenagon Asset Management S.A. lowered its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 24.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 558,957 shares of the company's stock after selling 183,468 shares during the quarter. Assenagon Asset Management S.A. owned 1.56% of Magnera worth $6,568,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MAGN. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Magnera during the first quarter valued at approximately $208,000. Empowered Funds LLC purchased a new position in Magnera in the first quarter worth $965,000. Legal & General Group Plc boosted its position in Magnera by 17.3% in the second quarter. Legal & General Group Plc now owns 34,639 shares of the company's stock worth $418,000 after purchasing an additional 5,121 shares during the last quarter. Rhumbline Advisers boosted its position in Magnera by 3,290.8% in the second quarter. Rhumbline Advisers now owns 51,269 shares of the company's stock worth $619,000 after purchasing an additional 49,757 shares during the last quarter. Finally, Norges Bank bought a new position in Magnera in the 2nd quarter valued at $488,000. Hedge funds and other institutional investors own 76.92% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on MAGN. Weiss Ratings upgraded Magnera from a "sell (d)" rating to a "sell (d+)" rating in a research note on Monday, June 1st. Wall Street Zen upgraded shares of Magnera from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Wells Fargo & Company raised their price objective on shares of Magnera from $13.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $16.00.

Magnera Stock Down 4.5%

MAGN stock opened at $12.51 on Wednesday. The stock has a fifty day moving average of $12.70 and a 200-day moving average of $11.91. Magnera Corporation has a fifty-two week low of $7.82 and a fifty-two week high of $15.52. The company has a market capitalization of $447.89 million, a price-to-earnings ratio of -6.22 and a beta of 1.74. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.57 and a current ratio of 2.45.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.56) earnings per share (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%.

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.

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