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

A number of other institutional investors and hedge funds have also modified their holdings of the company. State of Wyoming acquired a new stake in shares of Magnera in the 1st quarter worth approximately $172,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Magnera in the 1st quarter worth approximately $888,000. OMERS ADMINISTRATION Corp grew its holdings in shares of Magnera by 102.7% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 53,100 shares of the company's stock worth $964,000 after acquiring an additional 26,900 shares during the period. Contrarian Capital Management L.L.C. grew its holdings in shares of Magnera by 7.7% in the 1st quarter. Contrarian Capital Management L.L.C. now owns 28,000 shares of the company's stock worth $508,000 after acquiring an additional 2,000 shares during the period. Finally, DG Capital Management LLC grew its holdings in shares of Magnera by 117.9% in the 1st quarter. DG Capital Management LLC now owns 760,278 shares of the company's stock worth $13,807,000 after acquiring an additional 411,324 shares during the period. Institutional investors and hedge funds own 76.92% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company lowered their price target on 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 cut Magnera from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Magnera has a consensus rating of "Hold" and an average price target of $17.50.

Magnera Price Performance

MAGN stock traded down $0.32 on Wednesday, reaching $11.38. The company had a trading volume of 642,722 shares, compared to its average volume of 499,754. Magnera Corporation has a 1 year low of $10.39 and a 1 year 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 fifty day moving average is $12.77 and its 200 day moving average is $14.44. The company has a market cap of $405.13 million, a P/E ratio of -1.49 and a beta of 1.73.

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

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.