Algert Global LLC Buys Shares of 58,380 Magnera Corp (NYSE:MAGN)

Algert Global LLC purchased a new position in Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 58,380 shares of the company's stock, valued at approximately $1,061,000. Algert Global LLC owned about 1.67% of Magnera as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Magnera in the fourth quarter valued at $26,000. Vestcor Inc purchased a new stake in Magnera in the 4th quarter valued at about $46,000. State of Alaska Department of Revenue acquired a new position in shares of Magnera during the 4th quarter valued at about $48,000. KBC Group NV purchased a new position in shares of Magnera during the 4th quarter worth about $51,000. Finally, National Bank of Canada FI acquired a new stake in shares of Magnera in the fourth quarter worth approximately $52,000. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Curt Begle bought 23,786 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The stock was purchased at an average price of $21.08 per share, for a total transaction of $501,408.88. Following the transaction, the chief executive officer now directly owns 24,066 shares of the company's stock, valued at approximately $507,311.28. This represents a 8,495.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carl J. Rickertsen bought 20,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the acquisition, the director now owns 21,306 shares of the company's stock, valued at $433,150.98. This represents a 1,531.39 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 64,061 shares of company stock worth $1,192,062 in the last three months. 2.26% of the stock is owned by insiders.

Magnera Stock Up 3.1 %

Shares of NYSE MAGN opened at $14.19 on Friday. The company's 50 day simple moving average is $16.52. Magnera Corp has a fifty-two week low of $12.20 and a fifty-two week high of $26.78. The firm has a market cap of $502.33 million, a price-to-earnings ratio of -0.77 and a beta of 1.76. 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 analysts' consensus estimates 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 company's revenue for the quarter was up 47.7% on a year-over-year basis.

Analyst Upgrades and Downgrades

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

Magnera Company 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.

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