Engine Capital Management LP Makes New Investment in Magnera Corp (NYSE:MAGN)

Engine Capital Management LP acquired 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 institutional investor acquired 2,358,341 shares of the company's stock, valued at approximately $42,851,000. Magnera accounts for approximately 7.8% of Engine Capital Management LP's holdings, making the stock its 4th largest holding. Engine Capital Management LP owned about 67.38% of Magnera at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MAGN. Vanguard Group Inc. acquired a new stake in Magnera during the fourth quarter worth approximately $52,408,000. Ancora Advisors LLC acquired a new stake in Magnera during the fourth quarter worth approximately $30,047,000. Khrom Capital Management LLC acquired a new stake in Magnera during the fourth quarter worth approximately $23,777,000. Fuller & Thaler Asset Management Inc. acquired a new stake in Magnera during the fourth quarter worth approximately $23,657,000. Finally, LSV Asset Management acquired a new stake in Magnera during the fourth quarter worth approximately $18,382,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Insider Transactions at Magnera

In other Magnera news, CEO Curt Begle acquired 20,275 shares of the stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the completion of the transaction, the chief executive officer now directly owns 44,341 shares of the company's stock, valued at approximately $621,217.41. The trade was a 84.25% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Carl J. Rickertsen bought 20,000 shares of Magnera stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $20.33 per share, for a total transaction 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. The trade was a 1,531.39% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 60,275 shares of company stock valued at $993,653. Corporate insiders own 2.26% of the company's stock.

Magnera Stock Down 6.1%

MAGN stock traded down $0.92 during midday trading on Wednesday, hitting $14.13. The company's stock had a trading volume of 520,610 shares, compared to its average volume of 540,116. The company's 50-day moving average is $16.31. 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 Corp has a 1 year low of $12.20 and a 1 year high of $26.78. The stock has a market cap of $503.03 million, a PE ratio of -0.77 and a beta of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last announced its earnings results 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). The business had revenue of $824.00 million during the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The business's revenue for the quarter was up 47.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MAGN shares. Vertical Research started coverage on Magnera in a report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price on the stock. Wells Fargo & Company downgraded Magnera from an "overweight" rating to a "reduce" rating in a report on Wednesday.

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.