JB Capital Partners LP Acquires Shares of 170,000 Magnera Corporation $MAGN

JB Capital Partners LP acquired a new position in shares of Magnera Corporation (NYSE:MAGN) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 170,000 shares of the company’s stock, valued at approximately $1,992,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Engine Capital Management LP lifted its holdings in shares of Magnera by 5.3% in the 2nd quarter. Engine Capital Management LP now owns 2,481,317 shares of the company’s stock valued at $29,974,000 after purchasing an additional 124,076 shares during the last quarter. Scopia Capital Management LP grew its stake in Magnera by 46.7% during the 2nd quarter. Scopia Capital Management LP now owns 1,010,794 shares of the company’s stock worth $12,210,000 after buying an additional 321,579 shares during the last quarter. Geode Capital Management LLC increased its position in Magnera by 110.0% during the second 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 period. Assenagon Asset Management S.A. lifted its stake in Magnera by 118.1% in the third quarter. Assenagon Asset Management S.A. now owns 753,906 shares of the company’s stock valued at $8,836,000 after buying an additional 408,181 shares during the last quarter. Finally, Brightline Capital Management LLC lifted its stake in Magnera by 0.9% in the third quarter. Brightline Capital Management LLC now owns 560,000 shares of the company’s stock valued at $6,563,000 after buying an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 76.92% of the company’s stock.

Magnera Stock Down 1.2%

MAGN opened at $10.93 on Monday. The business has a 50 day moving average price of $13.55 and a two-hundred day moving average price of $12.34. The company has a quick ratio of 1.60, a current ratio of 2.45 and a debt-to-equity ratio of 1.86. The company has a market cap of $392.49 million, a PE ratio of -4.19 and a beta of 1.69. Magnera Corporation has a 52 week low of $7.82 and a 52 week high of $19.77.

Magnera (NYSE:MAGN) last announced 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 during the quarter. Magnera had a negative net margin of 4.04% and a negative return on equity of 12.30%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MAGN. Vertical Research downgraded Magnera from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a report on Wednesday, January 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Magnera in a research report on Monday, December 29th. Wells Fargo & Company increased their price target 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, Wall Street Zen downgraded shares of Magnera from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Magnera has an average rating of “Hold” and an average price target of $17.50.

Magnera Company 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.