Carlson Capital L.P. Sells 20,430 Shares of Magnera Corporation $MAGN

Carlson Capital L.P. lowered its stake in shares of Magnera Corporation (NYSE:MAGN) by 38.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,100 shares of the company’s stock after selling 20,430 shares during the quarter. Magnera makes up approximately 0.2% of Carlson Capital L.P.’s holdings, making the stock its 21st biggest holding. Carlson Capital L.P.’s holdings in Magnera were worth $583,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. DG Capital Management LLC grew its holdings in Magnera by 117.9% during the 1st quarter. DG Capital Management LLC now owns 760,278 shares of the company’s stock worth $13,807,000 after acquiring an additional 411,324 shares during the last quarter. Brightline Capital Management LLC grew its holdings in Magnera by 263.4% during the 1st quarter. Brightline Capital Management LLC now owns 556,000 shares of the company’s stock worth $10,097,000 after acquiring an additional 403,000 shares during the last quarter. AlphaQuest LLC bought a new stake in Magnera during the 1st quarter worth about $1,121,000. Alaska Permanent Fund Corp bought a new stake in Magnera during the 1st quarter worth about $225,000. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in Magnera by 1.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,316,988 shares of the company’s stock worth $23,916,000 after acquiring an additional 14,997 shares during the last quarter. Institutional investors own 76.92% of the company’s stock.

Magnera Stock Down 0.9%

Shares of NYSE MAGN opened at $12.71 on Wednesday. The firm has a market capitalization of $452.48 million, a PE ratio of -1.66 and a beta of 1.67. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 1.76. Magnera Corporation has a 1 year low of $10.39 and a 1 year high of $26.78. The firm’s 50-day moving average is $12.89 and its 200-day moving average is $15.16.

Magnera (NYSE:MAGN) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.54). Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%.The firm had revenue of $839.00 million for the quarter. The business’s revenue for the quarter was up 50.9% on a year-over-year basis.

Insiders Place Their Bets

In other news, Director Bruce Brown acquired 16,940 shares of Magnera stock in a transaction that occurred on Thursday, May 29th. The shares were acquired at an average price of $11.81 per share, with a total value of $200,061.40. Following the purchase, the director directly owned 17,228 shares of the company’s stock, valued at $203,462.68. The trade was a 5,881.94% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.26% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Wall Street Zen lowered shares of Magnera from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Wells Fargo & Company reduced their target price on shares of Magnera from $16.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Friday, July 18th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.