Canyon Capital Advisors LLC Makes New Investment in Magnera Corp (NYSE:MAGN)

Canyon Capital Advisors LLC bought a new position in shares of Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 761,286 shares of the company's stock, valued at approximately $13,833,000. Magnera makes up approximately 1.8% of Canyon Capital Advisors LLC's portfolio, making the stock its 7th biggest position. Canyon Capital Advisors LLC owned 21.75% of Magnera as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. acquired a new stake in shares of Magnera in the fourth quarter valued at about $52,408,000. Ancora Advisors LLC acquired a new stake in Magnera in the 4th quarter worth about $30,047,000. Khrom Capital Management LLC purchased a new stake in Magnera during the 4th quarter worth approximately $23,777,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Magnera in the fourth quarter valued at approximately $23,657,000. Finally, LSV Asset Management purchased a new position in shares of Magnera in the fourth quarter valued at approximately $18,382,000. Hedge funds and other institutional investors own 76.92% of the company's stock.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Magnera news, Director Carl J. Rickertsen acquired 20,000 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 21,306 shares of the company's stock, valued at $433,150.98. This trade represents a 1,531.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Curt Begle bought 23,786 shares of the firm's stock in a transaction on Tuesday, February 11th. The stock was bought at an average cost 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 $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. 2.26% of the stock is owned by company insiders.

Magnera Stock Down 17.8 %

Shares of Magnera stock traded down $2.70 on Wednesday, hitting $12.47. 2,343,311 shares of the company were exchanged, compared to its average volume of 505,547. Magnera Corp has a 1-year low of $12.20 and a 1-year high of $26.78. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The stock has a market cap of $441.44 million, a PE ratio of -0.68 and a beta of 1.76. The stock's 50-day moving average is $16.74.

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). Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The firm's revenue for the quarter was up 47.7% compared to the same quarter last year.

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.