Irenic Capital Management LP Has $21.99 Million Holdings in Magnera Corporation $MAGN

Key Points

• Irenic Capital Management LP has increased its stake in Magnera Corporation by 35.2%, holding approximately $21.99 million worth of shares, which makes it their 11th largest position.
• Several other institutional investors have also increased or initiated positions in Magnera, with institutional ownership now at 76.92%.
• Analysts have recently downgraded Magnera's stock rating, with a consensus rating of "Hold" and an average price target reduced to $14.00.

Irenic Capital Management LP lifted its stake in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 35.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,210,829 shares of the company's stock after purchasing an additional 315,057 shares during the period. Magnera makes up about 3.3% of Irenic Capital Management LP's holdings, making the stock its 11th biggest position. Irenic Capital Management LP owned 3.40% of Magnera worth $21,989,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Magnera by 109.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock worth $216,000 after purchasing an additional 6,180 shares during the period. Bank of America Corp DE acquired a new stake in shares of Magnera during the fourth quarter worth $5,492,000. Man Group plc acquired a new stake in shares of Magnera during the fourth quarter worth $862,000. Janus Henderson Group PLC acquired a new stake in shares of Magnera during the fourth quarter worth $249,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Magnera during the fourth quarter worth $165,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Magnera Stock Up 0.3%

NYSE MAGN traded up $0.04 on Friday, reaching $11.98. The stock had a trading volume of 755,991 shares, compared to its average volume of 513,104. The business has a 50 day moving average price of $12.84 and a 200 day moving average price of $14.65. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 1.76. Magnera Corporation has a 1 year low of $10.39 and a 1 year high of $26.78. The company has a market capitalization of $426.49 million, a price-to-earnings ratio of -1.57 and a beta of 1.73.

Magnera (NYSE:MAGN - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.51) 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 firm had revenue of $839.00 million during the quarter. The company's quarterly revenue was up 50.9% on a year-over-year basis.

Wall Street Analysts Forecast Growth

MAGN has been the topic of a number of research analyst reports. 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 downgraded Magnera from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $17.50.

Magnera Company 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.