Assenagon Asset Management S.A. Makes New $4.18 Million Investment in Magnera Corporation $MAGN

Key Points

• Assenagon Asset Management S.A. invested approximately $4.18 million in Magnera Corporation by acquiring 345,725 shares during the second quarter.
• Magnera's recent financial performance shows a 50.9% year-over-year increase in revenue, although the company reported a loss of ($0.51) EPS, missing the consensus estimate by $0.54.
• Analysts have downgraded Magnera's stock, with Wells Fargo reducing the price target from $16.00 to $14.00 and Wall Street Zen changing their rating from "hold" to "sell."

Assenagon Asset Management S.A. acquired a new stake in Magnera Corporation (NYSE:MAGN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 345,725 shares of the company's stock, valued at approximately $4,176,000. Assenagon Asset Management S.A. owned approximately 0.97% of Magnera at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bluefin Capital Management LLC acquired a new position in Magnera during the first quarter valued at approximately $603,000. Empowered Funds LLC acquired a new stake in shares of Magnera in the 1st quarter valued at approximately $965,000. Clearline Capital LP boosted its holdings in shares of Magnera by 3.6% in the 1st quarter. Clearline Capital LP now owns 524,539 shares of the company's stock valued at $9,526,000 after buying an additional 18,000 shares during the last quarter. Aristeia Capital L.L.C. bought a new position in shares of Magnera in the first quarter valued at $489,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Magnera during the first quarter worth $208,000. Institutional investors own 76.92% of the company's stock.

Wall Street Analyst Weigh In

MAGN has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price target 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 downgraded shares of Magnera from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $17.50.

Magnera Price Performance

Shares of MAGN opened at $10.68 on Thursday. The company's 50-day moving average is $12.36 and its 200-day moving average is $13.81. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.54 and a quick ratio of 1.62. The firm has a market capitalization of $380.21 million, a PE ratio of -1.40 and a beta of 1.73. Magnera Corporation has a fifty-two week low of $10.39 and a fifty-two week high of $26.78.

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

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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