Assenagon Asset Management S.A. Has $8.84 Million Stake in Magnera Corporation $MAGN

Assenagon Asset Management S.A. boosted its holdings in Magnera Corporation (NYSE:MAGN) by 118.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 753,906 shares of the company’s stock after purchasing an additional 408,181 shares during the quarter. Assenagon Asset Management S.A. owned about 2.12% of Magnera worth $8,836,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of MAGN. Dynamic Technology Lab Private Ltd grew its holdings in shares of Magnera by 333.2% during the second quarter. Dynamic Technology Lab Private Ltd now owns 49,644 shares of the company’s stock valued at $600,000 after buying an additional 38,185 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Magnera in the 2nd quarter valued at about $770,000. Charles Schwab Investment Management Inc. lifted its position in Magnera by 38.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 89,572 shares of the company’s stock valued at $1,627,000 after acquiring an additional 24,651 shares in the last quarter. Aristeia Capital L.L.C. acquired a new position in Magnera during the 1st quarter valued at about $489,000. Finally, Ancora Advisors LLC increased its holdings in Magnera by 1.3% during the 1st quarter. Ancora Advisors LLC now owns 1,675,575 shares of the company’s stock worth $30,428,000 after purchasing an additional 21,895 shares in the last quarter. Institutional investors own 76.92% of the company’s stock.

Magnera Stock Down 0.1%

MAGN stock opened at $14.88 on Friday. The stock has a market cap of $529.73 million, a P/E ratio of -1.95 and a beta of 1.71. The company has a current ratio of 2.37, a quick ratio of 1.58 and a debt-to-equity ratio of 1.83. The stock’s fifty day simple moving average is $11.22 and its two-hundred day simple moving average is $12.00. Magnera Corporation has a 1-year low of $7.82 and a 1-year high of $23.19.

Magnera (NYSE:MAGN) last announced its earnings results on Thursday, February 10th. The company reported $0.22 earnings per share (EPS) for the quarter. The firm had revenue of $235.28 million during the quarter. Magnera had a negative return on equity of 14.47% and a negative net margin of 4.96%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MAGN shares. Wells Fargo & Company upgraded Magnera from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $12.00 to $16.00 in a report on Monday, November 24th. Vertical Research upgraded Magnera from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Thursday, November 20th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Magnera in a report on Monday, December 8th. Finally, Wall Street Zen upgraded shares of Magnera from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Magnera currently has an average rating of “Hold” and a consensus target price of $15.50.

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.