Magnera Corporation (NYSE:MAGN) Shares Purchased by Littlejohn & Co. LLC

Key Points

• Littlejohn & Co. LLC increased its stake in Magnera Corporation by 38.3%, owning nearly 1.95 million shares, which now represent 18.4% of its investment portfolio.
• Magnera Corporation reported a loss of ($0.51) earnings per share in its latest quarterly results, significantly missing the consensus estimate of $0.03, although revenue increased by 50.9% year-over-year.
• Recent analyst ratings for Magnera have shifted, with Wells Fargo lowering its price target from $16.00 to $14.00, while Wall Street Zen changed its rating from "hold" to "sell."

Littlejohn & Co. LLC boosted its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 38.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,948,060 shares of the company's stock after acquiring an additional 539,654 shares during the period. Magnera accounts for 18.4% of Littlejohn & Co. LLC's investment portfolio, making the stock its 3rd biggest holding. Littlejohn & Co. LLC owned approximately 5.47% of Magnera worth $35,377,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Magnera by 109.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock valued at $216,000 after buying an additional 6,180 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Magnera during the fourth quarter valued at about $5,492,000. Man Group plc acquired a new position in shares of Magnera during the fourth quarter valued at about $862,000. Janus Henderson Group PLC acquired a new position in shares of Magnera during the fourth quarter valued at about $249,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Magnera during the fourth quarter valued at about $165,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Magnera Stock Performance

NYSE:MAGN opened at $13.68 on Thursday. Magnera Corporation has a 12-month low of $10.39 and a 12-month high of $26.78. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $487.01 million, a PE ratio of -1.79 and a beta of 1.67. The firm has a 50-day moving average price of $12.98 and a 200 day moving average price of $15.56.

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

Analysts Set New Price Targets

A number of research analysts have recently commented on MAGN shares. Wall Street Zen lowered shares of Magnera from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Wells Fargo & Company cut 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 report on Friday, July 18th.

Insider Activity

In other Magnera news, Director Tom Salmon purchased 17,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average price of $11.94 per share, with a total value of $202,980.00. Following the completion of the transaction, the director directly owned 35,289 shares of the company's stock, valued at approximately $421,350.66. This trade represents a 92.95% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce Brown purchased 16,940 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was acquired at an average cost of $11.81 per share, with a total value of $200,061.40. Following the transaction, the director directly owned 17,228 shares of the company's stock, valued at approximately $203,462.68. This represents a 5,881.94% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.26% of the company's stock.

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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