Magnera Corporation $MAGN Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. decreased its stake in Magnera Corporation (NYSE:MAGN) by 7.2%, after selling 27,622 shares, leaving them with 353,489 shares valued at approximately $6.42 million.
• Magnera's stock recently opened at $11.06, reflecting a 4.8% decline, and it reported a significant loss of ($0.51) EPS for the last quarter, missing analyst expectations.
• Recent research notes have downgraded Magnera's stock rating from a "hold" to a "sell," with Wells Fargo lowering their price target to $14.00.

Goldman Sachs Group Inc. reduced its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 353,489 shares of the company's stock after selling 27,622 shares during the period. Goldman Sachs Group Inc. owned 0.99% of Magnera worth $6,419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp acquired a new stake in shares of Magnera during the fourth quarter valued at about $2,272,000. Comerica Bank acquired a new stake in shares of Magnera during the fourth quarter valued at about $178,000. Ameriprise Financial Inc. acquired a new stake in shares of Magnera during the fourth quarter valued at about $6,027,000. BNP Paribas Financial Markets acquired a new stake in shares of Magnera during the fourth quarter valued at about $297,000. Finally, Bank of America Corp DE acquired a new stake in shares of Magnera during the fourth quarter valued at about $5,492,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Magnera Stock Down 4.8%

Shares of NYSE:MAGN opened at $11.06 on Monday. The company has a market capitalization of $393.74 million, a PE ratio of -1.45 and a beta of 1.73. 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 twelve month low of $10.39 and a twelve month high of $26.78. The firm has a 50 day simple moving average of $12.70 and a 200-day simple moving average of $14.22.

Magnera (NYSE:MAGN - Get Free Report) last announced 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). 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 business's revenue was up 50.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

MAGN has been the subject of several recent research reports. Wall Street Zen lowered shares of Magnera from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company lowered their price objective on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating for the company in a research note on Friday, July 18th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Magnera has a consensus rating of "Hold" and an average price target 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.

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