Engine Capital Management LP Sells 458,214 Shares of Magnera Corporation $MAGN

Engine Capital Management LP lessened its stake in shares of Magnera Corporation (NYSE:MAGN) by 17.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,243,827 shares of the company’s stock after selling 458,214 shares during the quarter. Magnera comprises about 4.7% of Engine Capital Management LP’s investment portfolio, making the stock its 7th biggest position. Engine Capital Management LP owned about 6.25% of Magnera worth $33,972,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Quadrant Capital Group LLC lifted its stake in shares of Magnera by 702.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company’s stock worth $28,000 after purchasing an additional 1,630 shares during the period. Quarry LP purchased a new position in shares of Magnera during the 4th quarter worth $30,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Magnera by 106.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company’s stock worth $30,000 after purchasing an additional 1,021 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Magnera by 92.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company’s stock worth $37,000 after purchasing an additional 1,492 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Magnera by 13,014.3% during the 4th quarter. GAMMA Investing LLC now owns 3,672 shares of the company’s stock worth $56,000 after purchasing an additional 3,644 shares during the period. Institutional investors and hedge funds own 76.92% of the company’s stock.

Magnera Stock Down 1.9%

Shares of NYSE MAGN opened at $12.01 on Thursday. Magnera Corporation has a 12-month low of $7.82 and a 12-month high of $15.52. The company has a market cap of $429.99 million, a P/E ratio of -6.13 and a beta of 1.78. 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 stock has a fifty day moving average price of $10.90 and a 200 day moving average price of $12.36.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MAGN shares. Weiss Ratings raised Magnera from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday, June 1st. Wells Fargo & Company increased their price target on Magnera from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $14.50.

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.