Turtle Creek Asset Management Inc. Buys Shares of 572,587 Magnera Corp (NYSE:MAGN)

Turtle Creek Asset Management Inc. purchased a new stake in Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 572,587 shares of the company's stock, valued at approximately $10,404,000. Magnera comprises approximately 0.3% of Turtle Creek Asset Management Inc.'s portfolio, making the stock its 27th largest holding. Turtle Creek Asset Management Inc. owned about 16.36% of Magnera as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Madison Avenue Partners LP acquired a new position in Magnera in the fourth quarter valued at $61,892,000. Vanguard Group Inc. purchased a new position in shares of Magnera during the fourth quarter worth about $52,408,000. Engine Capital Management LP purchased a new position in shares of Magnera in the 4th quarter valued at approximately $42,851,000. Ancora Advisors LLC acquired a new position in Magnera in the 4th quarter valued at $30,047,000. Finally, Littlejohn & Co. LLC acquired a new position in shares of Magnera during the fourth quarter worth about $25,591,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Magnera Price Performance

NYSE:MAGN traded down $0.07 on Friday, reaching $11.80. The stock had a trading volume of 151,882 shares, compared to its average volume of 545,525. The stock's fifty day simple moving average is $15.39. 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 12-month low of $11.58 and a 12-month high of $26.78. The stock has a market cap of $420.08 million, a P/E ratio of -0.64 and a beta of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last issued its 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 net margin of 6.97% and a negative return on equity of 10.62%. The company had revenue of $824.00 million during the quarter. The company's revenue for the quarter was up 47.7% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MAGN shares. Vertical Research started coverage on Magnera in a research note on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price for the company. Wells Fargo & Company downgraded Magnera from an "overweight" rating to a "reduce" rating in a report on Wednesday, May 14th.

Insider Activity at Magnera

In related news, CEO Curt Begle purchased 20,275 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were acquired at an average price of $14.01 per share, with a total value 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. This trade represents a 84.25% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kevin Michael Fogarty acquired 20,000 shares of Magnera stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average price of $15.15 per share, with a total value of $303,000.00. Following the transaction, the director now directly owns 31,538 shares in the company, valued at approximately $477,800.70. This trade represents a 173.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 80,275 shares of company stock valued at $1,266,653. Corporate insiders own 2.26% of the company's stock.

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.