Magnera Corporation $MAGN Shares Sold by HBK Investments L P

Key Points

• HBK Investments L P has reduced its stake in Magnera Corporation by 13.4%, now holding 278,069 shares valued at approximately $5 million.
• Several other hedge funds have adjusted their positions, with Irenic Capital Management LP increasing its stake by 35.2%, and Cubist Systematic Strategies LLC boosting their holdings by an impressive 285.4%.
• Magnera reported a net loss of ($0.51) earnings per share for the last quarter, missing analyst estimates, although its revenue increased by 50.9% year-over-year.

HBK Investments L P reduced its stake in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 13.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 278,069 shares of the company's stock after selling 42,889 shares during the quarter. HBK Investments L P owned about 0.78% of Magnera worth $5,050,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Magnera by 11,193.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company's stock valued at $31,000 after buying an additional 1,679 shares during the period. Contrarian Capital Management L.L.C. boosted its holdings in shares of Magnera by 7.7% in the first 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 period. Shell Asset Management Co. purchased a new stake in shares of Magnera in the fourth quarter valued at approximately $41,000. GAMMA Investing LLC boosted its holdings in shares of 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 purchasing an additional 3,454 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of Magnera by 15.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 27,091 shares of the company's stock valued at $492,000 after purchasing an additional 3,598 shares during the period. 76.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on MAGN. Wells Fargo & Company lowered their price target on Magnera from $16.00 to $14.00 and set an "equal weight" rating for the company in a report on Friday, July 18th. Wall Street Zen lowered 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.com, the stock has a consensus rating of "Hold" and a consensus target price of $17.50.

Magnera Stock Down 4.4%

Magnera stock traded down $0.53 during mid-day trading on Wednesday, reaching $11.61. 1,518,740 shares of the company were exchanged, compared to its average volume of 542,738. The business has a fifty day moving average of $12.86 and a 200 day moving average of $14.80. 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 firm has a market cap of $413.32 million, a P/E ratio of -1.52 and a beta of 1.73. Magnera Corporation has a 12-month low of $10.39 and a 12-month high of $26.78.

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