Invesco Ltd. Grows Stake in Magnera Corporation $MAGN

Key Points

• Invesco Ltd. has significantly increased its stake in Magnera Corporation, acquiring an additional 21,588 shares and raising its ownership to 32,676 shares, which is approximately 0.09% of the company valued at $593,000.
• Magnera's recent earnings report revealed a loss of ($0.51) EPS, missing expectations, even as revenue increased by 50.9% year-over-year to $839 million.
• Institutional investors own 76.92% of Magnera's stock, indicating a high level of institutional interest, with several hedge funds making significant investments in recent months.

Invesco Ltd. raised its holdings in Magnera Corporation (NYSE:MAGN - Free Report) by 194.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,676 shares of the company's stock after acquiring an additional 21,588 shares during the period. Invesco Ltd. owned approximately 0.09% of Magnera worth $593,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. increased 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 purchasing an additional 1,679 shares during the last quarter. Shell Asset Management Co. purchased a new position in Magnera in the 4th quarter worth approximately $41,000. GAMMA Investing LLC increased its holdings in shares of Magnera by 1,132.5% in the 1st quarter. GAMMA Investing LLC now owns 3,759 shares of the company's stock worth $68,000 after buying an additional 3,454 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Magnera during the 4th quarter valued at $73,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Magnera during the 4th quarter worth $97,000. Hedge funds and other institutional investors own 76.92% of the company's stock.

Magnera Trading Down 2.7%

Shares of NYSE MAGN traded down $0.32 during midday trading 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 one year low of $10.39 and a one year high of $26.78. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 1.76. The firm's fifty day moving average price is $12.77 and its 200-day moving average price is $14.44. The stock has a market cap of $405.13 million, a PE ratio of -1.49 and a beta of 1.73.

Magnera (NYSE:MAGN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business's revenue for the quarter was up 50.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

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

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.