LSV Asset Management Has $11.97 Million Position in Magnera Corporation (NYSE:MAGN)

Key Points

• LSV Asset Management has reduced its stake in Magnera Corporation by 34.8%, now holding approximately 1.86% of the company valued at nearly $12 million.
• Corporate insiders have shown confidence in Magnera, with both the Director and CEO acquiring a substantial number of shares, leading to significant increases in their ownership.
• Wells Fargo has downgraded Magnera's price target from $16.00 to $14.00, maintaining an "equal weight" rating for the stock.

LSV Asset Management lowered its holdings in Magnera Corporation (NYSE:MAGN - Free Report) by 34.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 659,321 shares of the company's stock after selling 352,346 shares during the period. LSV Asset Management owned approximately 1.86% of Magnera worth $11,973,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its stake in Magnera by 109.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock valued at $216,000 after purchasing an additional 6,180 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Magnera during the 4th quarter worth about $5,492,000. Man Group plc acquired a new stake in shares of Magnera during the 4th quarter valued at about $862,000. Janus Henderson Group PLC bought a new stake in shares of Magnera in the 4th quarter valued at approximately $249,000. Finally, Tower Research Capital LLC TRC acquired a new position in Magnera in the fourth quarter worth approximately $165,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Insider Buying and Selling

In other news, Director Kevin Michael Fogarty bought 20,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was purchased at an average price of $15.15 per share, with a total value of $303,000.00. Following the transaction, the director directly owned 31,538 shares in the company, valued at approximately $477,800.70. The trade was a 173.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Tom Salmon purchased 17,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were purchased at an average price of $11.94 per share, with a total value of $202,980.00. Following the completion of the acquisition, the director directly owned 35,289 shares of the company's stock, valued at approximately $421,350.66. This trade represents a 92.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 73,940 shares of company stock valued at $979,041 over the last 90 days. 2.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company cut their price objective 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.

Magnera Stock Up 2.0%

NYSE:MAGN traded up $0.25 during trading hours on Friday, reaching $12.72. The company's stock had a trading volume of 540,476 shares, compared to its average volume of 646,860. The company has a market cap of $452.83 million, a price-to-earnings ratio of -1.66 and a beta of 1.67. Magnera Corporation has a one year low of $10.39 and a one year high of $26.78. The business's 50-day moving average is $12.90 and its 200-day moving average is $15.68. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.58 and a quick ratio of 1.54.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly 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 during the quarter. Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%. The firm's revenue 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.