Scion Asset Management LLC acquired a new position in Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 200,000 shares of the company's stock, valued at approximately $3,634,000. Magnera accounts for about 4.7% of Scion Asset Management LLC's portfolio, making the stock its 10th largest position. Scion Asset Management LLC owned 5.71% of Magnera as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new position in Magnera during the fourth quarter valued at $26,000. Shell Asset Management Co. purchased a new stake in Magnera in the 4th quarter worth about $41,000. Vestcor Inc purchased a new stake in Magnera in the 4th quarter worth about $46,000. State of Alaska Department of Revenue bought a new stake in Magnera in the 4th quarter valued at about $48,000. Finally, KBC Group NV purchased a new stake in Magnera during the fourth quarter valued at about $51,000. 76.92% of the stock is currently owned by hedge funds and other institutional investors.
Magnera Trading Down 0.6%
Shares of Magnera stock traded down $0.07 on Thursday, reaching $11.97. The stock had a trading volume of 193,637 shares, compared to its average volume of 546,651. The stock has a market capitalization of $426.13 million, a P/E ratio of -0.65 and a beta of 1.76. Magnera Corp has a 1 year low of $11.77 and a 1 year high of $26.78. The stock's 50 day moving average price is $15.54. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80.
Magnera (NYSE:MAGN - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($1.35). The firm had revenue of $824.00 million during the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The company's revenue was up 47.7% on a year-over-year basis.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on MAGN shares. Wells Fargo & Company lowered shares of Magnera from an "overweight" rating to a "reduce" rating in a research report on Wednesday, May 14th. Vertical Research began coverage on shares of Magnera in a report on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price on the stock.
View Our Latest Report on MAGN
Insider Activity at Magnera
In related news, Director Carl J. Rickertsen bought 20,000 shares of the company's stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $20.33 per share, with a total value of $406,600.00. Following the transaction, the director now owns 21,306 shares in the company, valued at approximately $433,150.98. This trade represents a 1,531.39% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Curt Begle bought 20,275 shares of the business's stock in a transaction dated Friday, May 9th. The shares were bought at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the purchase, the chief executive officer now directly owns 44,341 shares in the company, valued at approximately $621,217.41. This represents a 84.25% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 80,275 shares of company stock worth $1,266,653 in the last 90 days. Company insiders own 2.26% of the company's stock.
About Magnera
(
Free Report)
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.
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