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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN bought a new position in Magnera in the fourth quarter valued at about $154,000. Barclays PLC purchased a new stake in shares of Magnera in the 4th quarter worth $135,000. Northern Trust Corp bought a new position in Magnera in the 4th quarter worth $2,272,000. Comerica Bank bought a new stake in Magnera during the fourth quarter valued at about $178,000. Finally, Jane Street Group LLC bought a new position in shares of Magnera in the fourth quarter worth about $4,952,000. 76.92% of the stock is owned by hedge funds and other institutional investors.

Magnera Price Performance

Magnera stock traded down $0.32 during mid-day trading on Wednesday, reaching $11.38. 642,722 shares of the company's stock traded hands, compared to its average volume of 635,663. Magnera Corporation has a 12-month low of $10.39 and a 12-month high of $26.78. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 1.76. The stock has a 50 day moving average of $12.81 and a two-hundred day moving average of $14.46. The company has a market cap of $405.13 million, a price-to-earnings ratio of -1.49 and a beta of 1.73.

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

Analyst Upgrades and Downgrades

MAGN has been the subject of a number of analyst reports. Wall Street Zen cut shares of Magnera from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company cut their price target on Magnera from $16.00 to $14.00 and set an "equal weight" rating for the company in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Magnera presently has a consensus rating of "Hold" and an average price target of $17.50.

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.