Seven Six Capital Management LLC Acquires 23,504 Shares of Magnera Corporation $MAGN

Key Points

• Seven Six Capital Management LLC increased its stake in Magnera Corporation by 13.6%, now holding 196,368 shares, which accounts for approximately 3.2% of their portfolio.
• Multiple institutional investors, including Mitsubishi UFJ Asset Management and GAMMA Investing, significantly boosted their holdings in Magnera, reflecting increased demand for the stock.
• Wall Street analysts have downgraded Magnera's rating to "sell", with Wells Fargo lowering its target price from $16.00 to $14.00, indicating cautious sentiment about the company's future performance.

Seven Six Capital Management LLC boosted its position in Magnera Corporation (NYSE:MAGN - Free Report) by 13.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 196,368 shares of the company's stock after acquiring an additional 23,504 shares during the period. Magnera accounts for 3.2% of Seven Six Capital Management LLC's investment portfolio, making the stock its 14th biggest position. Seven Six Capital Management LLC owned approximately 0.55% of Magnera worth $3,566,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Magnera by 109.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company's stock worth $216,000 after acquiring an additional 6,180 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Magnera during the fourth quarter valued at about $5,492,000. Man Group plc purchased a new position in shares of Magnera during the fourth quarter valued at about $862,000. Janus Henderson Group PLC purchased a new position in shares of Magnera during the fourth quarter valued at about $249,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Magnera by 38.0% during 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 period. Institutional investors own 76.92% of the company's stock.

Wall Street Analysts Forecast Growth

MAGN has been the topic of several research analyst reports. 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 reduced their price target 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 equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $17.50.

Magnera Stock Down 5.0%

Shares of NYSE MAGN traded down $0.58 on Friday, reaching $11.04. 198,477 shares of the company's stock traded hands, compared to its average volume of 632,785. Magnera Corporation has a 12 month low of $10.39 and a 12 month high of $26.78. The business's 50 day simple moving average is $12.74 and its two-hundred day simple moving average is $14.37. The company has a market cap of $393.02 million, a price-to-earnings ratio of -1.44 and a beta of 1.73. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last announced 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 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 firm's quarterly revenue was up 50.9% on a year-over-year basis.

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.