Clearline Capital LP Takes $9.20 Million Position in Magnera Corp (NYSE:MAGN)

Clearline Capital LP acquired a new stake in Magnera Corp (NYSE:MAGN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 506,539 shares of the company's stock, valued at approximately $9,204,000. Clearline Capital LP owned 14.47% of Magnera as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new stake in shares of Magnera during the fourth quarter valued at $26,000. Vestcor Inc acquired a new stake in Magnera in the fourth quarter valued at approximately $46,000. State of Alaska Department of Revenue bought a new stake in Magnera in the fourth quarter worth $48,000. KBC Group NV bought a new stake in shares of Magnera during the 4th quarter worth about $51,000. Finally, National Bank of Canada FI acquired a new position in Magnera during the fourth quarter valued at approximately $52,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Magnera Price Performance

Shares of NYSE:MAGN traded up $0.43 during trading on Friday, reaching $14.19. The stock had a trading volume of 1,075,810 shares, compared to its average volume of 532,965. The company has a market cap of $502.33 million, a PE ratio of -0.77 and a beta of 1.76. 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 Corp has a 52 week low of $12.20 and a 52 week high of $26.78. The firm has a 50-day simple moving average of $16.52.

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

Insider Activity

In related news, CEO Curt Begle bought 20,275 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was bought at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the transaction, the chief executive officer now owns 44,341 shares of the company's stock, valued at $621,217.41. This represents a 84.25 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl J. Rickertsen bought 20,000 shares of the business's stock in a transaction on Thursday, February 27th. The stock was purchased at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the acquisition, the director now 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 position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 64,061 shares of company stock valued at $1,192,062. Company insiders own 2.26% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.