Ancora Advisors LLC Buys Shares of 1,653,680 Magnera Corp (NYSE:MAGN)

Ancora Advisors LLC acquired a new position in Magnera Corp (NYSE:MAGN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,653,680 shares of the company's stock, valued at approximately $30,047,000. Ancora Advisors LLC owned about 47.25% of Magnera as of its most recent SEC filing.

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

Magnera Trading Up 0.4 %

Magnera stock traded up $0.06 on Tuesday, hitting $15.19. 399,346 shares of the stock traded hands, compared to its average volume of 483,928. Magnera Corp has a 1 year low of $13.07 and a 1 year high of $26.78. The stock has a market capitalization of $537.73 million, a price-to-earnings ratio of -0.83 and a beta of 1.76. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. The firm has a fifty day moving average of $16.90.

Magnera (NYSE:MAGN - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) earnings per share (EPS) for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. During the same quarter in the previous year, the firm earned ($0.25) EPS.

Insider Buying and Selling

In other news, CEO Curt Begle acquired 23,786 shares of Magnera stock in a transaction on Tuesday, February 11th. The stock was acquired at an average cost of $21.08 per share, for a total transaction of $501,408.88. Following the purchase, the chief executive officer now owns 24,066 shares in the company, valued at $507,311.28. This trade represents a 8,495.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl J. Rickertsen bought 20,000 shares of the firm's stock in a transaction on 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 completion of the acquisition, the director now directly owns 21,306 shares of the company's stock, valued at approximately $433,150.98. The trade was a 1,531.39 % increase in their position. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MAGN has been the topic of a number of analyst reports. Vertical Research began coverage on shares of Magnera in a research report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th.

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.