Clearline Capital LP Has $10 Million Stock Position in Magnera Corporation $MAGN

Clearline Capital LP lifted its position in shares of Magnera Corporation (NYSE:MAGN) by 272.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 660,605 shares of the company’s stock after buying an additional 483,204 shares during the period. Clearline Capital LP’s holdings in Magnera were worth $10,002,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Bridgeway Capital Management LLC increased its stake in Magnera by 10.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 76,789 shares of the company’s stock valued at $1,163,000 after acquiring an additional 7,083 shares during the last quarter. Aristeia Capital L.L.C. bought a new position in Magnera in the fourth quarter valued at approximately $954,000. Schonfeld Strategic Advisors LLC bought a new position in Magnera in the fourth quarter valued at approximately $251,000. J. Goldman & Co LP increased its stake in Magnera by 22.7% in the fourth quarter. J. Goldman & Co LP now owns 538,220 shares of the company’s stock valued at $8,149,000 after acquiring an additional 99,523 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in Magnera in the fourth quarter valued at approximately $228,000. 76.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on MAGN shares. Weiss Ratings raised shares of Magnera from a “sell (d)” rating to a “sell (d+)” rating in a research note on Monday, June 1st. Wells Fargo & Company lifted their price objective on shares of Magnera from $12.00 to $13.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $14.50.

Magnera Stock Performance

NYSE MAGN opened at $12.01 on Thursday. The firm’s fifty day moving average price is $10.90 and its two-hundred day moving average price is $12.36. The stock has a market cap of $429.99 million, a PE ratio of -6.13 and a beta of 1.78. Magnera Corporation has a fifty-two week low of $7.82 and a fifty-two week high of $15.52. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.55 and a current ratio of 2.33.

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. The company had revenue of $796.00 million for the quarter. Magnera had a negative return on equity of 10.30% and a negative net margin of 3.37%.

Magnera 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.