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

CastleKnight Management LP bought a new stake in Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 185,573 shares of the company's stock, valued at approximately $3,372,000. CastleKnight Management LP owned approximately 5.30% of Magnera at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MAGN. Vanguard Group Inc. acquired a new stake in Magnera during the 4th quarter worth $52,408,000. Ancora Advisors LLC purchased a new position in Magnera in the 4th quarter worth approximately $30,047,000. Khrom Capital Management LLC acquired a new position in shares of Magnera during the 4th quarter worth approximately $23,777,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Magnera in the fourth quarter valued at approximately $23,657,000. Finally, LSV Asset Management acquired a new stake in shares of Magnera in the fourth quarter valued at approximately $18,382,000. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Magnera

In other news, Director Carl J. Rickertsen acquired 20,000 shares of the stock in a transaction on Thursday, February 27th. The stock was bought at an average price of $20.33 per share, with a total value of $406,600.00. Following the completion of the transaction, the director now directly owns 21,306 shares of the company's stock, valued at $433,150.98. The trade was a 1,531.39 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Curt Begle bought 23,786 shares of the firm's stock in a transaction dated Tuesday, February 11th. The stock was purchased at an average price of $21.08 per share, with a total value of $501,408.88. Following the transaction, the chief executive officer now owns 24,066 shares in the company, valued at approximately $507,311.28. This represents a 8,495.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 64,061 shares of company stock worth $1,192,062. 2.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MAGN. Vertical Research assumed coverage on Magnera in a report on Wednesday, March 19th. They set a "hold" rating and a $21.00 price target on the stock. Wells Fargo & Company increased their target price on Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th.

Magnera Trading Up 3.1 %

NYSE:MAGN traded up $0.43 during midday trading on Friday, hitting $14.19. 1,075,810 shares of the company were exchanged, compared to its average volume of 532,965. The stock has a fifty day moving average of $16.52. The firm has a market capitalization of $502.33 million, a P/E ratio of -0.77 and a beta of 1.76. Magnera Corp has a fifty-two week low of $12.20 and a fifty-two week 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.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($1.35). Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. The business had revenue of $824.00 million during the quarter. The business's revenue for the quarter was up 47.7% on a year-over-year basis.

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.