Magnera Corporation $MAGN Shares Sold by Engine Capital Management LP

Engine Capital Management LP cut its holdings in shares of Magnera Corporation (NYSE:MAGN) by 17.0% in the 4th quarter, Holdings Channel reports. The fund owned 2,243,827 shares of the company’s stock after selling 458,214 shares during the period. Magnera accounts for about 4.7% of Engine Capital Management LP’s investment portfolio, making the stock its 7th biggest position. Engine Capital Management LP owned 0.06% of Magnera worth $33,972,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MAGN. Quadrant Capital Group LLC grew its stake in shares of Magnera by 702.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company’s stock valued at $28,000 after acquiring an additional 1,630 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Magnera by 106.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company’s stock valued at $30,000 after acquiring an additional 1,021 shares in the last quarter. Quarry LP acquired a new stake in shares of Magnera during the fourth quarter valued at about $30,000. BNP Paribas Financial Markets grew its stake in shares of Magnera by 92.7% during the second quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company’s stock valued at $37,000 after acquiring an additional 1,492 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Magnera by 13,014.3% during the fourth quarter. GAMMA Investing LLC now owns 3,672 shares of the company’s stock valued at $56,000 after acquiring an additional 3,644 shares in 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 recent analyst reports. Weiss Ratings upgraded Magnera from a “sell (d)” rating to a “sell (d+)” rating in a research note on Monday, June 1st. Wells Fargo & Company lifted their price target on Magnera from $12.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Magnera currently has an average rating of “Reduce” and a consensus price target of $14.50.

Magnera Stock Down 1.9%

NYSE:MAGN opened at $12.01 on Thursday. The company has a market capitalization of $429.99 million, a price-to-earnings ratio of -6.13 and a beta of 1.78. Magnera Corporation has a one year low of $7.82 and a one year high of $15.52. The stock has a 50-day simple moving average of $10.90 and a 200 day simple moving average of $12.36. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.55 and a current ratio of 2.33.

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

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.