Irenic Capital Management LP Acquires 315,057 Shares of Magnera Corporation $MAGN

Irenic Capital Management LP increased its position in shares of Magnera Corporation (NYSE:MAGN) by 35.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,210,829 shares of the company’s stock after buying an additional 315,057 shares during the quarter. Magnera accounts for about 3.3% of Irenic Capital Management LP’s portfolio, making the stock its 11th biggest holding. Irenic Capital Management LP’s holdings in Magnera were worth $21,989,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Magnera by 109.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,840 shares of the company’s stock worth $216,000 after buying an additional 6,180 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Magnera during the fourth quarter worth about $5,492,000. Man Group plc bought a new position in shares of Magnera during the fourth quarter worth about $862,000. Janus Henderson Group PLC bought a new position in shares of Magnera during the fourth quarter worth about $249,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Magnera during the fourth quarter worth about $165,000. 76.92% of the stock is currently owned by institutional investors.

Magnera Stock Performance

Shares of NYSE MAGN opened at $12.39 on Monday. The stock has a 50 day moving average price of $12.88 and a 200 day moving average price of $14.91. Magnera Corporation has a 52 week low of $10.39 and a 52 week high of $26.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.62 and a current ratio of 2.54. The stock has a market capitalization of $441.08 million, a PE ratio of -1.62 and a beta of 1.73.

Magnera (NYSE:MAGN) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate 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 company had revenue of $839.00 million for the quarter. The firm’s revenue was up 50.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MAGN. Wells Fargo & Company decreased their price objective on Magnera from $16.00 to $14.00 and set an “equal weight” rating for the company in a report on Friday, July 18th. Wall Street Zen downgraded Magnera from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.50.

About Magnera

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.