Clearline Capital LP Invests $2.08 Million in Magnera Corporation $MAGN

Clearline Capital LP purchased a new position in shares of Magnera Corporation (NYSE:MAGN) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 177,401 shares of the company’s stock, valued at approximately $2,079,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Magnera by 110.0% in the 2nd quarter. Geode Capital Management LLC now owns 783,413 shares of the company’s stock worth $9,465,000 after buying an additional 410,303 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Magnera by 118.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 753,906 shares of the company’s stock worth $8,836,000 after buying an additional 408,181 shares in the last quarter. Scopia Capital Management LP raised its holdings in shares of Magnera by 46.7% during the second quarter. Scopia Capital Management LP now owns 1,010,794 shares of the company’s stock valued at $12,210,000 after acquiring an additional 321,579 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Magnera during the third quarter valued at approximately $1,944,000. Finally, Engine Capital Management LP lifted its position in shares of Magnera by 5.3% in the second quarter. Engine Capital Management LP now owns 2,481,317 shares of the company’s stock valued at $29,974,000 after acquiring an additional 124,076 shares in the last quarter. 76.92% of the stock is owned by hedge funds and other institutional investors.

Magnera Trading Down 1.2%

MAGN opened at $10.93 on Friday. The company has a debt-to-equity ratio of 1.86, a current ratio of 2.45 and a quick ratio of 1.60. The company’s 50 day simple moving average is $13.55 and its two-hundred day simple moving average is $12.34. Magnera Corporation has a 1-year low of $7.82 and a 1-year high of $19.77. The firm has a market capitalization of $392.49 million, a price-to-earnings ratio of -4.19 and a beta of 1.69.

Magnera (NYSE:MAGN) last issued its earnings results on Thursday, February 5th. The company reported ($0.34) earnings per share for the quarter. The company had revenue of $792.00 million for the quarter. Magnera had a negative return on equity of 12.30% and a negative net margin of 4.04%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MAGN shares. Wall Street Zen lowered Magnera from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Magnera in a report on Monday, December 29th. Wells Fargo & Company lifted their target price on shares of Magnera from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Finally, Vertical Research lowered shares of Magnera from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a report on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.