Khrom Capital Management LLC Reduces Position in 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 lessened its holdings in Magnera Corporation (NYSE:MAGN - Free Report) by 79.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 263,647 shares of the company's stock after selling 1,044,961 shares during the quarter. Magnera makes up approximately 0.6% of Khrom Capital Management LLC's investment portfolio, making the stock its 15th largest position. Khrom Capital Management LLC owned 0.74% of Magnera worth $4,788,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Madison Avenue Partners LP bought a new position in Magnera in the 4th quarter valued at approximately $61,892,000. Vanguard Group Inc. lifted its position in shares of Magnera by 0.4% in 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 period. Engine Capital Management LP acquired a new position in shares of Magnera in the 4th quarter worth approximately $42,851,000. Littlejohn & Co. LLC lifted its position in shares of Magnera by 38.3% in the 1st quarter. Littlejohn & Co. LLC now owns 1,948,060 shares of the company's stock worth $35,377,000 after purchasing an additional 539,654 shares during the period. Finally, Ancora Advisors LLC acquired a new position in shares of Magnera in the 4th quarter worth approximately $30,047,000. Institutional investors own 76.92% of the company's stock.

Magnera Stock Up 2.8%

MAGN traded up $0.33 during mid-day trading on Thursday, reaching $11.94. 975,220 shares of the stock were exchanged, compared to its average volume of 636,995. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.62 and a current ratio of 2.54. The stock has a market capitalization of $425.06 million, a PE ratio of -1.56 and a beta of 1.73. The company has a 50 day moving average price of $12.86 and a two-hundred day moving average price of $14.80. Magnera Corporation has a 1 year low of $10.39 and a 1 year high of $26.78.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports 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 on the stock in a research report 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 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 an average target price 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.