469,730 Shares in Magnera Corp (NYSE:MAGN) Purchased by Empyrean Capital Partners LP

Empyrean Capital Partners LP purchased a new position in Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 469,730 shares of the company's stock, valued at approximately $8,535,000. Empyrean Capital Partners LP owned approximately 13.42% of Magnera at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MAGN. Vanguard Group Inc. purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $52,408,000. Engine Capital Management LP purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $42,851,000. Ancora Advisors LLC purchased a new position in shares of Magnera in the 4th quarter valued at $30,047,000. Khrom Capital Management LLC purchased a new position in shares of Magnera in the 4th quarter valued at $23,777,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in shares of Magnera in the 4th quarter valued at $23,657,000. 76.92% of the stock is owned by hedge funds and other institutional investors.

Magnera Trading Up 3.1%

MAGN traded up $0.43 during trading on Friday, hitting $14.19. 1,075,810 shares of the company's stock were exchanged, compared to its average volume of 532,965. 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 Corp has a 1 year low of $12.20 and a 1 year high of $26.78. The stock's 50 day moving average is $16.52. The stock has a market capitalization of $502.33 million, a price-to-earnings ratio of -0.77 and a beta of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last posted its quarterly 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 company had revenue of $824.00 million during the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. The business's revenue was up 47.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MAGN. Vertical Research began coverage on shares of Magnera in a research note on Wednesday, March 19th. They set a "hold" rating and a $21.00 price target for the company. Wells Fargo & Company raised their target price on shares of Magnera from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Friday, February 7th.

Insider Buying and Selling at Magnera

In other Magnera news, Director Carl J. Rickertsen purchased 20,000 shares of the business's stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $20.33 per share, with a total value of $406,600.00. Following the acquisition, the director now owns 21,306 shares of the company's stock, valued at $433,150.98. The trade was a 1,531.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Curt Begle acquired 20,275 shares of Magnera stock in a transaction on Friday, May 9th. The shares were purchased at an average cost of $14.01 per share, with a total value of $284,052.75. Following the completion of the purchase, the chief executive officer now directly owns 44,341 shares of the company's stock, 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 acquired a total of 64,061 shares of company stock worth $1,192,062 over the last 90 days. Insiders own 2.26% of the company's stock.

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.