Bank of America Corp DE Sells 175,777 Shares of Magnera Corporation $MAGN

Key Points

• Bank of America cut its Magnera stake by 75.3% in the first quarter, selling 175,777 shares and retaining 57,788 shares valued at approximately $550,000. Institutional investors collectively own 76.92% of the company.
• Analyst sentiment remains cautious: Magnera has a consensus rating of “Reduce”, with two Hold ratings and one Sell rating, and an average price target of $16.00.
• Magnera shares opened at $11.91 after a reported 5% decline. The company posted a quarterly loss of $0.56 per share on $857 million in revenue, alongside a negative net margin of 3.41%.

Bank of America Corp DE decreased its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 75.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,788 shares of the company's stock after selling 175,777 shares during the period. Bank of America Corp DE owned approximately 0.16% of Magnera worth $550,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Brown Advisory Inc. increased its position in shares of Magnera by 3.6% during the 2nd quarter. Brown Advisory Inc. now owns 25,136 shares of the company's stock valued at $304,000 after purchasing an additional 869 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Magnera by 106.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company's stock valued at $30,000 after acquiring an additional 1,021 shares during the last quarter. Bridgeway Capital Management LLC grew its position in Magnera by 2.0% during the second quarter. Bridgeway Capital Management LLC now owns 62,162 shares of the company's stock valued at $751,000 after acquiring an additional 1,196 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Magnera by 92.7% during the second quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company's stock worth $37,000 after acquiring an additional 1,492 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in shares of Magnera by 702.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company's stock worth $28,000 after acquiring an additional 1,630 shares in the last quarter. Institutional investors own 76.92% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a "sell (d+)" rating on shares of Magnera in a report on Thursday, August 27th. Wall Street Zen raised shares of Magnera from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. Finally, Wells Fargo & Company lifted their target price 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 analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Magnera presently has a consensus rating of "Reduce" and an average target price of $16.00.

Magnera Stock Down 5.0%

Shares of Magnera stock opened at $11.91 on Wednesday. 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 Corporation has a 52-week low of $7.82 and a 52-week high of $15.52. The stock has a market capitalization of $426.41 million, a price-to-earnings ratio of -5.93 and a beta of 1.73. The company's 50 day moving average price is $12.82 and its 200-day moving average price is $11.68.

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

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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