Magnera Corporation $MAGN Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Magnera Corporation by 38.0%, owning approximately 0.25% of the company valued at $1.6 million as of the latest SEC filing.
• Several institutional investors, including Vanguard Group and Mirae Asset Global Investments, have also adjusted their positions, with total institutional ownership in Magnera at 76.92%.
• Magnera Corporation reported a loss of $0.51 EPS for the quarter, significantly missing expectations, despite achieving a 50.9% year-over-year increase in revenue to $839 million.

Charles Schwab Investment Management Inc. lifted its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 38.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,572 shares of the company's stock after purchasing an additional 24,651 shares during the period. Charles Schwab Investment Management Inc. owned about 0.25% of Magnera worth $1,627,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Magnera by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 2,896,519 shares of the company's stock worth $52,601,000 after purchasing an additional 12,229 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Magnera during the 1st quarter worth $247,000. Cannon Global Investment Management LLC acquired a new stake in Magnera during the 1st quarter worth $301,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Magnera by 109.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock worth $216,000 after acquiring an additional 6,180 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in Magnera by 15.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 27,091 shares of the company's stock worth $492,000 after acquiring an additional 3,598 shares in the last quarter. 76.92% of the stock is owned by hedge funds and other institutional investors.

Magnera Stock Up 1.0%

NYSE:MAGN traded up $0.12 during midday trading on Thursday, hitting $11.73. 304,707 shares of the company were exchanged, compared to its average volume of 632,793. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $417.59 million, a PE ratio of -1.54 and a beta of 1.73. Magnera Corporation has a fifty-two week low of $10.39 and a fifty-two week high of $26.78. The company has a fifty day simple moving average of $12.86 and a 200 day simple moving average of $14.80.

Magnera (NYSE:MAGN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.51) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.54). The business had revenue of $839.00 million during the quarter. Magnera had a negative net margin of 4.98% and a negative return on equity of 9.57%. The company's revenue for the quarter was up 50.9% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

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