Magnera Corporation $MAGN Shares Bought by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Magnera Corporation by 32.0% during the first quarter, owning over 1.18 million shares valued at approximately $21.5 million.
• Magnera's recent quarterly earnings showed a revenue increase of 50.9% year-over-year, but the company reported an earnings per share of ($0.51), missing the consensus estimate by ($0.54).
• The company's stock is currently rated as a "Hold" by analysts, with a consensus price target of $17.50, down from previous estimates.

Millennium Management LLC increased its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 32.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,184,022 shares of the company's stock after acquiring an additional 286,978 shares during the quarter. Millennium Management LLC owned approximately 3.33% of Magnera worth $21,502,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Magnera by 109.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock valued at $216,000 after acquiring an additional 6,180 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Magnera during the 4th quarter valued at about $5,492,000. Man Group plc acquired a new position in shares of Magnera during the 4th quarter valued at about $862,000. Janus Henderson Group PLC acquired a new position in Magnera in the fourth quarter valued at about $249,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Magnera by 38.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 89,572 shares of the company's stock valued at $1,627,000 after buying an additional 24,651 shares during the last quarter. Institutional investors and hedge funds own 76.92% of the company's stock.

Magnera Stock Down 0.7%

Shares of MAGN stock traded down $0.08 during trading hours on Monday, reaching $10.96. 681,215 shares of the stock were exchanged, compared to its average volume of 542,890. The business's fifty day moving average is $12.66 and its two-hundred day moving average is $14.16. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.54 and a quick ratio of 1.62. Magnera Corporation has a 12-month low of $10.39 and a 12-month high of $26.78. The firm has a market capitalization of $390.18 million, a P/E ratio of -1.43 and a beta of 1.73.

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

Wall Street Analyst Weigh In

A number of research firms have commented on MAGN. Wall Street Zen cut shares of Magnera from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Wells Fargo & Company decreased 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 report on Friday, July 18th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $17.50.

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.