Khrom Capital Management LLC Sells 1,044,961 Shares of Magnera Corporation $MAGN

Key Points

• Khrom Capital Management LLC significantly reduced its stake in Magnera Corporation by 79.9% in the first quarter, now holding 263,647 shares worth approximately $4.79 million.
• Wells Fargo & Company lowered their price target for Magnera shares from $16.00 to $14.00 while maintaining an "equal weight" rating, reflecting a cautious outlook on the stock.
• Magnera reported a loss of $0.51 EPS for the quarter, missing consensus estimates, despite achieving a 50.9% increase in revenue year-over-year.

Khrom Capital Management LLC lowered its stake in Magnera Corporation (NYSE:MAGN - Free Report) by 79.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 263,647 shares of the company's stock after selling 1,044,961 shares during the period. Magnera accounts for 0.6% of Khrom Capital Management LLC's holdings, making the stock its 15th largest holding. Khrom Capital Management LLC owned approximately 0.74% of Magnera worth $4,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of MAGN. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Magnera by 11,193.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company's stock valued at $31,000 after acquiring an additional 1,679 shares in the last quarter. Shell Asset Management Co. purchased a new position in Magnera in the 4th quarter worth $41,000. Public Employees Retirement Association of Colorado bought a new stake in shares of Magnera in the fourth quarter worth about $58,000. GAMMA Investing LLC increased its position in shares of Magnera by 1,132.5% during the first quarter. GAMMA Investing LLC now owns 3,759 shares of the company's stock valued at $68,000 after buying an additional 3,454 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of Magnera during the fourth quarter valued at approximately $73,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MAGN shares. Wells Fargo & Company dropped their price target 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. Wall Street Zen lowered shares of Magnera from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $17.50.

Magnera Stock Performance

MAGN traded up $0.02 on Friday, hitting $11.96. The company had a trading volume of 311,602 shares, compared to its average volume of 634,931. The company's fifty day moving average price is $12.85 and its 200 day moving average price is $14.72. Magnera Corporation has a 1-year low of $10.39 and a 1-year high of $26.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.54 and a quick ratio of 1.62. The stock has a market cap of $425.78 million, a price-to-earnings ratio of -1.57 and a beta of 1.73.

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

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.