HBK Investments L P Sells 42,889 Shares of Magnera Corporation $MAGN

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 lowered its stake in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 13.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 278,069 shares of the company's stock after selling 42,889 shares during the quarter. HBK Investments L P owned 0.78% of Magnera worth $5,050,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wells Fargo & Company MN purchased a new position in Magnera in the 4th quarter worth $154,000. Invesco Ltd. purchased a new position in Magnera in the 4th quarter worth $201,000. Barclays PLC purchased a new position in Magnera in the 4th quarter worth $135,000. Dimensional Fund Advisors LP purchased a new position in Magnera in the 4th quarter worth $16,972,000. Finally, Tower Research Capital LLC TRC purchased a new position in Magnera in the 4th quarter worth $165,000. Hedge funds and other institutional investors own 76.92% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wells Fargo & Company decreased their target price on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Friday, July 18th. Wall Street Zen cut shares of Magnera from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $17.50.

Magnera Trading Up 0.3%

Magnera stock traded up $0.04 during trading hours on Friday, reaching $11.98. The stock had a trading volume of 755,991 shares, compared to its average volume of 513,104. The stock has a market cap of $426.49 million, a PE ratio of -1.57 and a beta of 1.73. Magnera Corporation has a 52 week low of $10.39 and a 52 week high of $26.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.54 and a quick ratio of 1.62. The company has a fifty day simple moving average of $12.84 and a 200-day simple moving average of $14.65.

Magnera (NYSE:MAGN - Get Free Report) last announced 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 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.