Littlejohn & Co. LLC Grows Holdings in Magnera Corporation $MAGN

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 lifted its position in Magnera Corporation (NYSE:MAGN - Free Report) by 38.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,948,060 shares of the company's stock after buying an additional 539,654 shares during the quarter. Magnera makes up approximately 18.4% of Littlejohn & Co. LLC's 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 modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in 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 purchasing an additional 1,679 shares in the last quarter. Shell Asset Management Co. purchased a new stake in Magnera in the fourth quarter valued at approximately $41,000. Marshall Wace LLP raised its stake in Magnera by 3.0% in the fourth quarter. Marshall Wace LLP now owns 107,230 shares of the company's stock valued at $1,948,000 after purchasing an additional 3,161 shares in the last quarter. Public Employees Retirement Association of Colorado purchased a new stake in Magnera in the fourth quarter valued at approximately $58,000. Finally, GAMMA Investing LLC raised its stake in Magnera by 1,132.5% in the first quarter. GAMMA Investing LLC now owns 3,759 shares of the company's stock valued at $68,000 after purchasing an additional 3,454 shares in the last quarter. 76.92% of the stock is owned by hedge funds and other institutional investors.

Magnera Price Performance

NYSE MAGN traded down $0.11 on Monday, reaching $12.96. 319,767 shares of the company's stock traded hands, compared to its average volume of 642,281. Magnera Corporation has a 12 month low of $10.39 and a 12 month 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 50-day simple moving average of $12.98 and a 200 day simple moving average of $15.45. The stock has a market cap of $461.38 million, a PE ratio of -1.70 and a beta of 1.67.

Magnera (NYSE:MAGN - Get Free Report) last issued its quarterly 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). Magnera had a negative net margin of 4.98% and a negative return on equity of 9.57%. The business had revenue of $839.00 million for the quarter. The company's revenue was up 50.9% compared to the same quarter last year.

Insider Activity at Magnera

In other news, Director Bruce Brown bought 16,940 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were purchased at an average price of $11.81 per share, for a total transaction of $200,061.40. Following the completion of the acquisition, the director owned 17,228 shares of the company's stock, valued at approximately $203,462.68. This trade represents a 5,881.94% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Tom Salmon bought 17,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was purchased at an average price of $11.94 per share, for a total transaction of $202,980.00. Following the acquisition, the director directly owned 35,289 shares of the company's stock, valued at approximately $421,350.66. The trade was a 92.95% increase in their position. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MAGN. Wells Fargo & Company lowered their target price 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 cut shares of Magnera from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th.

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.