Readystate Asset Management LP Grows Position in Magnera Corporation $MAGN

Key Points

• Readystate Asset Management more than doubled its Magnera stake in the first quarter, increasing holdings by 114.8% to 202,213 shares worth approximately $1.92 million. Institutional investors and hedge funds collectively own 76.92% of the company.
• Analyst sentiment remains cautious: Magnera has an average rating of “Reduce”, with two Hold ratings and one Sell rating, alongside a consensus price target of $16.00.
• Magnera reported a quarterly loss of $0.50 per share on $796 million in revenue. The stock opened at $13.96, while the company continues to face negative profitability metrics, including a 3.37% net margin and 10.30% return on equity.

Readystate Asset Management LP grew its stake in Magnera Corporation (NYSE:MAGN - Free Report) by 114.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 202,213 shares of the company's stock after buying an additional 108,082 shares during the period. Readystate Asset Management LP owned 0.56% of Magnera worth $1,923,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brown Advisory Inc. grew its holdings in shares of Magnera by 3.6% during the second quarter. Brown Advisory Inc. now owns 25,136 shares of the company's stock valued at $304,000 after buying an additional 869 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Magnera by 106.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company's stock worth $30,000 after acquiring an additional 1,021 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in Magnera by 2.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 62,162 shares of the company's stock worth $751,000 after acquiring an additional 1,196 shares during the period. BNP Paribas Financial Markets grew its stake in Magnera by 92.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company's stock valued at $37,000 after purchasing an additional 1,492 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in Magnera by 702.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company's stock valued at $28,000 after purchasing an additional 1,630 shares during the last quarter. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MAGN has been the subject of several research analyst reports. Wall Street Zen upgraded Magnera from a "sell" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company increased their price target on shares of Magnera from $13.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 15th. Finally, Weiss Ratings raised shares of Magnera from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, June 1st. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Magnera currently has an average rating of "Reduce" and a consensus target price of $16.00.

Magnera Price Performance

NYSE:MAGN opened at $13.96 on Wednesday. Magnera Corporation has a one year low of $7.82 and a one year high of $15.52. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.55 and a current ratio of 2.33. The firm has a market cap of $499.73 million, a price-to-earnings ratio of -7.12 and a beta of 1.77. The firm's fifty day moving average is $12.25 and its two-hundred day moving average is $11.99.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.50) earnings per share for the quarter. The company had revenue of $796.00 million for the quarter. Magnera had a negative return on equity of 10.30% and a negative net margin of 3.37%.

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.

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