Magnera Corporation $MAGN Shares Acquired by Readystate Asset Management LP

Readystate Asset Management LP lifted its stake in shares of Magnera Corporation (NYSE:MAGN) by 60.9% during the third quarter, Holdings Channel reports. The firm owned 210,350 shares of the company’s stock after purchasing an additional 79,629 shares during the quarter. Readystate Asset Management LP’s holdings in Magnera were worth $2,465,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC increased its stake in Magnera by 110.0% in the 2nd quarter. Geode Capital Management LLC now owns 783,413 shares of the company’s stock worth $9,465,000 after purchasing an additional 410,303 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Magnera by 118.1% in the third quarter. Assenagon Asset Management S.A. now owns 753,906 shares of the company’s stock worth $8,836,000 after buying an additional 408,181 shares during the period. Scopia Capital Management LP boosted its holdings in shares of Magnera by 46.7% in the second quarter. Scopia Capital Management LP now owns 1,010,794 shares of the company’s stock worth $12,210,000 after buying an additional 321,579 shares during the period. Engine Capital Management LP increased its position in shares of Magnera by 5.3% in the second quarter. Engine Capital Management LP now owns 2,481,317 shares of the company’s stock worth $29,974,000 after acquiring an additional 124,076 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Magnera by 26.1% during the second quarter. Ameriprise Financial Inc. now owns 431,069 shares of the company’s stock valued at $5,207,000 after acquiring an additional 89,347 shares during the period. Institutional investors and hedge funds own 76.92% of the company’s stock.

Magnera Price Performance

MAGN opened at $13.76 on Wednesday. The stock has a fifty day moving average price of $14.40 and a 200 day moving average price of $12.38. The company has a current ratio of 2.45, a quick ratio of 1.60 and a debt-to-equity ratio of 1.86. Magnera Corporation has a 1 year low of $7.82 and a 1 year high of $23.18. The stock has a market cap of $493.98 million, a price-to-earnings ratio of -5.27 and a beta of 1.70.

Analysts Set New Price Targets

MAGN has been the topic of several research analyst reports. Vertical Research cut shares of Magnera from a “buy” rating to a “hold” rating and set a $16.00 price objective on the stock. in a research report on Wednesday, January 7th. Wells Fargo & Company upped their price target on Magnera from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Magnera in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded Magnera from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Magnera presently has an average rating of “Hold” and a consensus target price of $17.50.

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.