Brightline Capital Management LLC Takes $2.78 Million Position in Magnera Corp (NYSE:MAGN)

Brightline Capital Management LLC bought a new stake in Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 153,000 shares of the company's stock, valued at approximately $2,780,000. Magnera accounts for about 2.2% of Brightline Capital Management LLC's portfolio, making the stock its 11th largest holding. Brightline Capital Management LLC owned 4.37% of Magnera as of its most recent SEC filing.

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

Insiders Place Their Bets

In other news, Director Carl J. Rickertsen bought 20,000 shares of the company's stock in a transaction on Thursday, February 27th. The shares were bought at an average cost of $20.33 per share, with a total value of $406,600.00. Following the transaction, the director now directly owns 21,306 shares in the company, valued at approximately $433,150.98. This trade represents a 1,531.39 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Curt Begle purchased 23,786 shares of Magnera stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average price of $21.08 per share, with a total value of $501,408.88. Following the completion of the acquisition, the chief executive officer now owns 24,066 shares in the company, valued at $507,311.28. The trade was a 8,495.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.26% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. 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 research note on Friday, February 7th. Vertical Research initiated coverage on Magnera in a report on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price on the stock.

Magnera Price Performance

Shares of MAGN traded down $0.24 during mid-day trading on Thursday, hitting $14.84. The company's stock had a trading volume of 241,751 shares, compared to its average volume of 490,026. Magnera Corp has a fifty-two week low of $13.11 and a fifty-two week high of $26.78. The company has a market cap of $525.34 million, a PE ratio of -0.81 and a beta of 1.76. The company has a 50-day moving average of $18.91. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($1.69) 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 period last year, the company posted ($0.25) EPS.

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.