Man Group plc Invests $862,000 in Magnera Corp (NYSE:MAGN)

Man Group plc bought a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 47,461 shares of the company's stock, valued at approximately $862,000. Man Group plc owned 1.36% of Magnera at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new position in Magnera in the fourth quarter worth $26,000. Vestcor Inc purchased a new position in Magnera in the fourth quarter worth $46,000. State of Alaska Department of Revenue purchased a new position in Magnera in the fourth quarter worth $48,000. KBC Group NV purchased a new position in Magnera in the fourth quarter worth $51,000. Finally, National Bank of Canada FI purchased a new position in Magnera in the fourth quarter worth $52,000. Institutional investors own 76.92% of the company's stock.

Insider Activity

In related news, CEO Curt Begle purchased 20,275 shares of Magnera stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the acquisition, the chief executive officer now owns 44,341 shares in the company, valued at approximately $621,217.41. The trade was a 84.25% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin Michael Fogarty purchased 20,000 shares of Magnera stock in a transaction on Monday, May 12th. The stock was bought at an average price of $15.15 per share, for a total transaction of $303,000.00. Following the completion of the acquisition, the director now owns 31,538 shares in the company, valued at $477,800.70. The trade was a 173.34% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 60,275 shares of company stock worth $860,053 over the last 90 days. 2.26% of the stock is currently owned by insiders.

Magnera Price Performance

NYSE MAGN traded down $0.11 during trading on Thursday, hitting $11.45. 73,564 shares of the company's stock traded hands, compared to its average volume of 548,596. 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's fifty day moving average price is $14.82. The firm has a market cap of $407.62 million, a price-to-earnings ratio of -0.62 and a beta of 1.76. Magnera Corp has a 12-month low of $11.43 and a 12-month high of $26.78.

Magnera (NYSE:MAGN - Get Free Report) last released its quarterly 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 company had revenue of $824.00 million during the quarter. The firm's quarterly revenue was up 47.7% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Vertical Research assumed coverage on shares of Magnera in a research report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price for the company. Wells Fargo & Company lowered shares of Magnera from an "overweight" rating to a "reduce" rating in a research report on Wednesday, May 14th.

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.