Ancora Advisors LLC Buys New Shares in Magnera Corp (NYSE:MAGN)

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

A number of other large investors have also made changes to their positions in MAGN. Ballentine Partners LLC acquired a new position in Magnera during the fourth quarter worth $295,000. KBC Group NV acquired a new stake in Magnera in the 4th quarter worth approximately $51,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Magnera during the fourth quarter worth about $101,000. State of Alaska Department of Revenue bought a new position in shares of Magnera in the 4th quarter valued at about $48,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Magnera during the 4th quarter worth about $26,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MAGN has been the subject of several analyst reports. Vertical Research started 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 boosted their price objective on shares of Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, February 7th.

Magnera Trading Up 6.5 %

MAGN stock traded up $0.81 on Thursday, hitting $13.24. The company's stock had a trading volume of 388,251 shares, compared to its average volume of 503,867. The stock has a market capitalization of $468.70 million, a PE ratio of -0.72 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 Corp has a 1 year low of $12.20 and a 1 year high of $26.78. The firm's 50 day simple moving average is $16.74.

Magnera (NYSE:MAGN - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing the consensus estimate of $0.20 by ($1.35). The business had revenue of $824.00 million for 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% compared to the same quarter last year.

Insider Activity

In related news, Director Carl J. Rickertsen acquired 20,000 shares of the company's stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $20.33 per share, with a total value of $406,600.00. Following the acquisition, the director now directly owns 21,306 shares of the company's stock, valued at approximately $433,150.98. This trade represents a 1,531.39 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Curt Begle acquired 23,786 shares of the business's stock in a transaction dated Tuesday, February 11th. The shares were bought at an average price of $21.08 per share, for a total transaction of $501,408.88. Following the acquisition, the chief executive officer now owns 24,066 shares of the company's stock, valued at approximately $507,311.28. This represents a 8,495.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.