Walleye Capital LLC Sells 215,351 Shares of Magnera Corporation $MAGN

Key Points

• Walleye Capital LLC cut its Magnera position by 87.5% in the first quarter, selling 215,351 shares and leaving it with 30,646 shares worth about $291,000.
• Magnera traded up 3.0% to $13.66, with a market cap of $489.17 million and a 12-month range of $7.82 to $15.52.
• Analysts remain cautious on the stock: the consensus rating is Reduce with an average price target of $16.00, while the company recently reported a quarterly loss of $0.50 per share on revenue of $796 million.

Walleye Capital LLC reduced its position in shares of Magnera Corporation (NYSE:MAGN - Free Report) by 87.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,646 shares of the company's stock after selling 215,351 shares during the quarter. Walleye Capital LLC owned about 0.09% of Magnera worth $291,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jefferies Financial Group Inc. bought a new stake in shares of Magnera during the fourth quarter valued at approximately $15,059,000. Nuveen LLC raised its position in shares of Magnera by 969.6% during the fourth quarter. Nuveen LLC now owns 823,177 shares of the company's stock worth $12,463,000 after purchasing an additional 746,215 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Magnera by 427.4% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 786,083 shares of the company's stock valued at $11,901,000 after purchasing an additional 637,041 shares during the period. SG Americas Securities LLC acquired a new stake in Magnera in the 4th quarter valued at $8,445,000. Finally, Clearline Capital LP increased its stake in Magnera by 272.4% during the 4th quarter. Clearline Capital LP now owns 660,605 shares of the company's stock valued at $10,002,000 after purchasing an additional 483,204 shares in the last quarter. Institutional investors own 76.92% of the company's stock.

Magnera Trading Up 3.0%

NYSE MAGN opened at $13.66 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.55 and a debt-to-equity ratio of 1.83. The business has a fifty day simple moving average of $12.11 and a 200 day simple moving average of $12.02. Magnera Corporation has a 12 month low of $7.82 and a 12 month high of $15.52. The firm has a market capitalization of $489.17 million, a P/E ratio of -6.97 and a beta of 1.77.

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

Analysts Set New Price Targets

Several research firms have weighed in on MAGN. Wells Fargo & Company upped their price objective 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. Wall Street Zen raised shares of Magnera from a "sell" rating to a "hold" rating in a research report on Saturday. 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 research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Magnera presently has an average rating of "Reduce" and an average price target of $16.00.

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.

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