CastleKnight Management LP Buys New Position in Magnera Corp (NYSE:MAGN)

CastleKnight Management LP purchased a new position in shares of Magnera Corp (NYSE:MAGN - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 185,573 shares of the company's stock, valued at approximately $3,372,000. CastleKnight Management LP owned approximately 5.30% of Magnera as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Magnera during the 4th quarter worth $26,000. Vestcor Inc purchased a new position in Magnera in the 4th quarter valued at approximately $46,000. State of Alaska Department of Revenue bought a new stake in Magnera during the 4th quarter valued at $48,000. KBC Group NV purchased a new position in shares of Magnera during the 4th quarter valued at $51,000. Finally, National Bank of Canada FI bought a new position in Magnera in the 4th quarter worth about $52,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MAGN shares. Wells Fargo & Company boosted 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. Vertical Research assumed coverage on Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price on the stock.

Insider Activity at Magnera

In related news, Director Carl J. Rickertsen acquired 20,000 shares of the firm's stock in a transaction dated 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. This trade represents a 1,531.39 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Curt Begle bought 23,786 shares of the stock in a transaction on Tuesday, February 11th. The stock was purchased at an average cost 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 $507,311.28. This trade represents a 8,495.00 % increase in their position. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by insiders.

Magnera Trading Down 0.5 %

MAGN opened at $15.21 on Tuesday. Magnera Corp has a 12-month low of $13.07 and a 12-month high of $26.78. The company has a market capitalization of $538.43 million, a P/E 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 business has a fifty day moving average price of $17.01.

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

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.

Want to see what other hedge funds are holding MAGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magnera Corp (NYSE:MAGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.