Magnera Corporation $MAGN Shares Acquired by Readystate Asset Management LP

Readystate Asset Management LP grew its position in shares of Magnera Corporation (NYSE:MAGN) by 114.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 202,213 shares of the company’s stock after buying an additional 108,082 shares during the period. Readystate Asset Management LP’s holdings in Magnera were worth $1,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its holdings in Magnera by 702.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company’s stock worth $28,000 after buying an additional 1,630 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Magnera by 106.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company’s stock valued at $30,000 after buying an additional 1,021 shares in the last quarter. Quarry LP purchased a new position in Magnera in the fourth quarter valued at $30,000. BNP Paribas Financial Markets raised its position in shares of Magnera by 92.7% in the second quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company’s stock worth $37,000 after acquiring an additional 1,492 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Magnera by 13,014.3% in the fourth quarter. GAMMA Investing LLC now owns 3,672 shares of the company’s stock worth $56,000 after acquiring an additional 3,644 shares during the period. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Magnera Stock Up 1.5%

Shares of NYSE MAGN opened at $13.96 on Wednesday. The firm has a market cap of $499.73 million, a price-to-earnings ratio of -7.12 and a beta of 1.77. The company’s 50-day simple moving average is $12.25 and its 200-day simple moving average is $11.99. The company has a quick ratio of 1.55, a current ratio of 2.33 and a debt-to-equity ratio of 1.83. Magnera Corporation has a 52-week low of $7.82 and a 52-week high of $15.52.

Magnera (NYSE:MAGN) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.50) earnings per share 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MAGN shares. Wells Fargo & Company raised their target price on Magnera from $13.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 15th. Weiss Ratings raised Magnera from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, June 1st. Finally, Wall Street Zen raised Magnera from a “sell” rating to a “hold” rating in a report on Saturday. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Magnera presently has a consensus rating of “Reduce” and an average target price of $16.00.

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.