Magnera Corporation $MAGN Position Lessened by Littlejohn & Co. LLC

Key Points

• Littlejohn & Co. LLC trimmed its Magnera stake by 6.5% in the first quarter, selling 168,069 shares. Even after the sale, Magnera remained its largest holding at about 21.8% of the fund’s portfolio.
• Institutional ownership remains heavy in Magnera, with hedge funds and other institutional investors owning about 76.92% of the stock. Several firms, including Nuveen and Jacobs Levy, significantly increased their positions in recent quarters.
• Analysts are cautious on the stock, with a consensus rating of “Reduce” and an average price target of $16.00. Magnera recently traded at $13.24 and reported a quarterly loss of $0.50 per share on revenue of $796 million.

Littlejohn & Co. LLC lowered its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 6.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,425,818 shares of the company's stock after selling 168,069 shares during the quarter. Magnera makes up approximately 21.8% of Littlejohn & Co. LLC's holdings, making the stock its biggest holding. Littlejohn & Co. LLC owned approximately 6.78% of Magnera worth $23,070,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MAGN. Jefferies Financial Group Inc. acquired a new position in Magnera in the 4th quarter valued at $15,059,000. Nuveen LLC boosted its holdings in shares of Magnera by 969.6% during the fourth quarter. Nuveen LLC now owns 823,177 shares of the company's stock worth $12,463,000 after purchasing an additional 746,215 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Magnera by 427.4% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 786,083 shares of the company's stock valued at $11,901,000 after purchasing an additional 637,041 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Magnera in the fourth quarter valued at $8,445,000. Finally, Clearline Capital LP grew its position in shares of Magnera by 272.4% in the fourth quarter. Clearline Capital LP now owns 660,605 shares of the company's stock valued at $10,002,000 after purchasing an additional 483,204 shares during the period. 76.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MAGN shares. Wells Fargo & Company increased their target price on Magnera from $13.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 15th. Weiss Ratings upgraded Magnera from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday, June 1st. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Magnera has a consensus rating of "Reduce" and a consensus price target of $16.00.

Magnera Stock Performance

NYSE:MAGN opened at $13.24 on Friday. The company has a quick ratio of 1.55, a current ratio of 2.33 and a debt-to-equity ratio of 1.83. The company has a market cap of $474.17 million, a P/E ratio of -6.76 and a beta of 1.77. Magnera Corporation has a fifty-two week low of $7.82 and a fifty-two week high of $15.52. The firm's 50 day moving average is $12.03 and its two-hundred day moving average is $12.01.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.50) earnings per share (EPS) for the quarter. The company had revenue of $796.00 million for the quarter. Magnera had a negative net margin of 3.37% and a negative return on equity of 10.30%.

About Magnera

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.

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