Russell Investments Group Ltd. Acquires 259,529 Shares of Magnera Corporation $MAGN

Key Points

• Russell Investments Group Ltd. increased its stake in Magnera Corporation by 174.5%, now holding 408,240 shares valued at approximately $7.41 million.
• Magnera recently reported a 50.9% increase in quarterly revenue year-over-year, despite posting a loss of ($0.51) earnings per share, missing estimates by ($0.54).
• Analysts have expressed concerns, with Wells Fargo lowering its price target from $16.00 to $14.00 and downgrading Magnera to a "sell" rating as of August 9th.

Russell Investments Group Ltd. raised its position in Magnera Corporation (NYSE:MAGN - Free Report) by 174.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 408,240 shares of the company's stock after acquiring an additional 259,529 shares during the period. Russell Investments Group Ltd. owned about 1.15% of Magnera worth $7,414,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Madison Avenue Partners LP bought a new stake in shares of Magnera during the fourth quarter valued at approximately $61,892,000. Engine Capital Management LP acquired a new stake in Magnera during the fourth quarter worth $42,851,000. Ancora Advisors LLC bought a new stake in Magnera in the 4th quarter valued at $30,047,000. Littlejohn & Co. LLC acquired a new position in shares of Magnera in the 4th quarter valued at $25,591,000. Finally, Khrom Capital Management LLC bought a new position in shares of Magnera during the 4th quarter worth about $23,777,000. Institutional investors own 76.92% of the company's stock.

Insider Activity

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

Wall Street Analyst Weigh In

Several research analysts 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 for the company in a research report on Friday, July 18th. Wall Street Zen lowered 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, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $17.50.

Magnera Price Performance

Shares of NYSE:MAGN traded down $0.45 during midday trading on Monday, reaching $12.85. The company's stock had a trading volume of 240,477 shares, compared to its average volume of 571,961. The business's fifty day simple moving average is $12.89 and its 200-day simple moving average is $15.17. 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 fifty-two week low of $10.39 and a fifty-two week high of $26.78. The company has a market capitalization of $457.46 million, a P/E ratio of -1.68 and a beta of 1.67.

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

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.