97,233 Shares in Magnera Corp (NYSE:MAGN) Purchased by Ionic Capital Management LLC

Ionic Capital Management LLC bought a new position in Magnera Corp (NYSE:MAGN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 97,233 shares of the company's stock, valued at approximately $1,767,000. Magnera comprises about 0.2% of Ionic Capital Management LLC's investment portfolio, making the stock its 25th largest position. Ionic Capital Management LLC owned 2.78% of Magnera as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Wilmington Savings Fund Society FSB bought a new position in Magnera during the fourth quarter worth $26,000. Vestcor Inc acquired a new stake in shares of Magnera during the fourth quarter worth $46,000. State of Alaska Department of Revenue bought a new position in shares of Magnera in the 4th quarter worth about $48,000. KBC Group NV bought a new position in shares of Magnera in the 4th quarter worth about $51,000. Finally, National Bank of Canada FI acquired a new position in shares of Magnera in the 4th quarter valued at about $52,000. Institutional investors own 76.92% of the company's stock.

Insider Buying and Selling

In related news, CEO Curt Begle purchased 20,275 shares of the company's stock in a transaction on 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 transaction, the chief executive officer now owns 44,341 shares of the company's stock, valued at $621,217.41. This represents a 84.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carl J. Rickertsen purchased 20,000 shares of Magnera stock in a transaction dated Thursday, May 15th. The stock was bought at an average cost of $13.65 per share, with a total value of $273,000.00. Following the completion of the purchase, the director now owns 41,306 shares in the company, valued at approximately $563,826.90. This trade represents a 93.87% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 80,275 shares of company stock valued at $1,266,653 in the last three months. 2.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MAGN shares. Wells Fargo & Company lowered shares of Magnera from an "overweight" rating to a "reduce" rating in a research note on Wednesday. Vertical Research assumed coverage on Magnera in a research note on Wednesday, March 19th. They set a "hold" rating and a $21.00 price objective for the company.

Magnera Price Performance

Shares of MAGN stock traded down $0.45 during trading hours on Friday, reaching $13.10. The stock had a trading volume of 718,022 shares, compared to its average volume of 548,498. The company has a market cap of $466.36 million, a price-to-earnings ratio of -0.71 and a beta of 1.76. The company's 50-day simple moving average is $16.08. Magnera Corp has a twelve month low of $12.20 and a twelve month high of $26.78. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) 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 net margin of 6.97% and a negative return on equity of 10.62%. The company's revenue for the quarter was up 47.7% on a year-over-year basis.

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.