CastleKnight Management LP Lowers Holdings in Magnera Corporation $MAGN

CastleKnight Management LP trimmed its position in Magnera Corporation (NYSE:MAGN) by 28.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 183,495 shares of the company’s stock after selling 72,505 shares during the quarter. CastleKnight Management LP’s holdings in Magnera were worth $2,778,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Brown Advisory Inc. lifted its holdings in shares of Magnera by 3.6% in the 2nd quarter. Brown Advisory Inc. now owns 25,136 shares of the company’s stock worth $304,000 after buying an additional 869 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Magnera by 106.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company’s stock worth $30,000 after buying an additional 1,021 shares during the period. Bridgeway Capital Management LLC lifted its holdings in shares of Magnera by 2.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 62,162 shares of the company’s stock worth $751,000 after buying an additional 1,196 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Magnera by 92.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company’s stock worth $37,000 after buying an additional 1,492 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Magnera by 702.6% in the 4th 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 during the period. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MAGN. Wells Fargo & Company upped their target price on Magnera from $12.00 to $13.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Weiss Ratings upgraded Magnera from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, June 1st. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $14.50.

Magnera Trading Down 1.9%

Shares of NYSE MAGN opened at $12.01 on Thursday. The business has a fifty day moving average price of $10.90 and a 200 day moving average price of $12.36. Magnera Corporation has a 1-year low of $7.82 and a 1-year high of $15.52. The stock has a market capitalization of $429.99 million, a P/E ratio of -6.13 and a beta of 1.78. The company has a debt-to-equity ratio of 1.83, a current ratio of 2.33 and a quick ratio of 1.55.

Magnera (NYSE:MAGN) last announced its earnings results on Thursday, May 7th. The company reported ($0.50) earnings per share (EPS) for the quarter. Magnera had a negative net margin of 3.37% and a negative return on equity of 10.30%. The business had revenue of $796.00 million for the quarter.

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.