Cubist Systematic Strategies LLC Has $943,000 Position in Magnera Corporation $MAGN

Key Points

• Cubist Systematic Strategies LLC increased its stake in Magnera Corporation by 285.4%, acquiring an additional 38,466 shares, bringing its total holdings to 51,943 shares valued at approximately $943,000.
• Magnera Corporation reported a net loss of ($0.51) earnings per share for the last quarter, significantly missing the consensus estimate of $0.03, despite achieving a 50.9% increase in revenue year-over-year.
• Analyst ratings for Magnera have been mixed, with Wall Street Zen downgrading the stock from a "hold" to a "sell" rating, and Wells Fargo lowering its price target from $16.00 to $14.00.

Cubist Systematic Strategies LLC raised its position in Magnera Corporation (NYSE:MAGN - Free Report) by 285.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,943 shares of the company's stock after buying an additional 38,466 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.15% of Magnera worth $943,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. State of Wyoming bought a new stake in shares of Magnera during the 1st quarter valued at approximately $172,000. Landscape Capital Management L.L.C. bought a new stake in shares of Magnera during the 1st quarter valued at approximately $888,000. OMERS ADMINISTRATION Corp grew its holdings in shares of Magnera by 102.7% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 53,100 shares of the company's stock valued at $964,000 after purchasing an additional 26,900 shares during the last quarter. Contrarian Capital Management L.L.C. grew its holdings in shares of Magnera by 7.7% during the 1st quarter. Contrarian Capital Management L.L.C. now owns 28,000 shares of the company's stock valued at $508,000 after purchasing an additional 2,000 shares during the last quarter. Finally, DG Capital Management LLC grew its holdings in shares of Magnera by 117.9% during the 1st quarter. DG Capital Management LLC now owns 760,278 shares of the company's stock valued at $13,807,000 after purchasing an additional 411,324 shares during the last quarter. 76.92% of the stock is owned by institutional investors.

Magnera Trading Down 4.8%

Shares of NYSE MAGN traded down $0.56 during midday trading on Friday, reaching $11.06. The stock had a trading volume of 813,693 shares, compared to its average volume of 518,957. The firm has a market cap of $393.74 million, a price-to-earnings ratio of -1.45 and a beta of 1.73. Magnera Corporation has a twelve month low of $10.39 and a twelve month high of $26.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.62 and a current ratio of 2.54. The company's 50 day moving average price is $12.70 and its 200 day moving average price is $14.27.

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on MAGN shares. Wells Fargo & Company decreased their price target on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating on the stock in a report on Friday, July 18th. Wall Street Zen lowered shares of Magnera from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Magnera has a consensus rating of "Hold" and an average price target 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.