Brightline Capital Management LLC Has $10.10 Million Stock Position in Magnera Corporation $MAGN

Key Points

• Brightline Capital Management LLC increased its stake in Magnera Corporation (NYSE:MAGN) by 263.4%, now owning 556,000 shares valued at approximately $10 million in its portfolio.
• Institutional investors and hedge funds collectively own 76.92% of Magnera's stock, indicating a strong interest from large investors in the company.
• Analysts have recently adjusted their ratings for Magnera, with Wells Fargo lowering its price target from $16.00 to $14.00 and Wall Street Zen changing its rating from "hold" to "sell."

Brightline Capital Management LLC raised its position in Magnera Corporation (NYSE:MAGN - Free Report) by 263.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 556,000 shares of the company's stock after buying an additional 403,000 shares during the quarter. Magnera comprises about 8.8% of Brightline Capital Management LLC's holdings, making the stock its 4th largest position. Brightline Capital Management LLC owned about 1.56% of Magnera worth $10,097,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Magnera by 11,193.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company's stock worth $31,000 after buying an additional 1,679 shares in the last quarter. Shell Asset Management Co. bought a new position in Magnera in the fourth quarter valued at $41,000. Marshall Wace LLP increased its stake in Magnera by 3.0% in the fourth quarter. Marshall Wace LLP now owns 107,230 shares of the company's stock valued at $1,948,000 after acquiring an additional 3,161 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new position in Magnera in the fourth quarter valued at $58,000. Finally, GAMMA Investing LLC increased its stake in Magnera by 1,132.5% in the first quarter. GAMMA Investing LLC now owns 3,759 shares of the company's stock valued at $68,000 after acquiring an additional 3,454 shares during the last quarter. Hedge funds and other institutional investors own 76.92% of the company's stock.

Magnera Stock Performance

NYSE:MAGN traded down $0.11 during trading hours on Thursday, reaching $12.35. The company had a trading volume of 205,435 shares, compared to its average volume of 626,736. 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 Corporation has a 52 week low of $10.39 and a 52 week high of $26.78. The firm has a market cap of $439.66 million, a price-to-earnings ratio of -1.62 and a beta of 1.67. The firm's 50 day moving average price is $12.89 and its 200-day moving average price is $15.14.

Magnera (NYSE:MAGN - Get Free Report) last posted its earnings results 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 return on equity of 9.57% and a negative net margin of 4.98%.The company had revenue of $839.00 million during the quarter. The firm's quarterly revenue was up 50.9% on a year-over-year basis.

Analyst Ratings Changes

MAGN has been the topic of a number of research analyst reports. Wall Street Zen cut Magnera from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company reduced their target price on Magnera from $16.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Friday, July 18th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $17.50.

About Magnera

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.