Bruce Brown Acquires 16,940 Shares of Magnera Corp (NYSE:MAGN) Stock

Magnera Corp (NYSE:MAGN - Get Free Report) Director Bruce Brown purchased 16,940 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average price of $11.81 per share, for a total transaction of $200,061.40. Following the completion of the purchase, the director now directly owns 17,228 shares of the company's stock, valued at approximately $203,462.68. This trade represents a 5,881.94% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Magnera Stock Up 1.6%

Shares of MAGN stock traded up $0.19 during trading on Friday, reaching $12.00. The company's stock had a trading volume of 713,449 shares, compared to its average volume of 549,955. Magnera Corp has a one year low of $11.43 and a one year high of $26.78. The firm's fifty day moving average is $14.54. The stock has a market capitalization of $427.20 million, a P/E ratio of -0.65 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 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). Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The company had revenue of $824.00 million for the quarter. The company's revenue for the quarter was up 47.7% on a year-over-year basis.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MAGN. Wilmington Savings Fund Society FSB bought a new position in Magnera during the 4th quarter worth $26,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Magnera by 11,193.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company's stock valued at $31,000 after purchasing an additional 1,679 shares during the last quarter. Shell Asset Management Co. acquired a new position in Magnera during the 4th quarter worth approximately $41,000. Vestcor Inc acquired a new stake in Magnera in the fourth quarter valued at approximately $46,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Magnera during the fourth quarter worth $48,000. 76.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MAGN. Vertical Research began coverage on shares of Magnera in a research note on Wednesday, March 19th. They set a "hold" rating and a $21.00 price objective on the stock. Wells Fargo & Company downgraded Magnera from an "overweight" rating to a "reduce" rating in a report on Wednesday, May 14th.

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.