AlphaQuest LLC Purchases Shares of 61,740 Magnera Corporation $MAGN

Key Points

• AlphaQuest LLC has acquired a new stake of 61,740 shares in Magnera Corporation, valued at approximately $1,121,000, increasing its ownership to 0.17% of the company.
• Two directors of Magnera, Bruce Brown and Tom Salmon, significantly increased their holdings in the company, with purchases representing a 5,881.94% and 92.95% increase in their respective positions.
• Research analysts have recently downgraded Magnera's ratings, with Wells Fargo reducing the price target from $16.00 to $14.00 and Wall Street Zen moving from a "hold" to a "sell" rating.

AlphaQuest LLC purchased a new stake in Magnera Corporation (NYSE:MAGN - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 61,740 shares of the company's stock, valued at approximately $1,121,000. AlphaQuest LLC owned approximately 0.17% of Magnera at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Alaska Permanent Fund Corp acquired a new stake in Magnera in the 1st quarter valued at about $225,000. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Magnera by 1.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,316,988 shares of the company's stock valued at $23,916,000 after acquiring an additional 14,997 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Magnera in the 1st quarter valued at about $136,000. Littlejohn & Co. LLC increased its holdings in shares of Magnera by 38.3% in the 1st quarter. Littlejohn & Co. LLC now owns 1,948,060 shares of the company's stock valued at $35,377,000 after acquiring an additional 539,654 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Magnera by 174.5% in the 1st quarter. Russell Investments Group Ltd. now owns 408,240 shares of the company's stock valued at $7,414,000 after acquiring an additional 259,529 shares during the last quarter. Institutional investors and hedge funds own 76.92% of the company's stock.

Insider Buying and Selling

In other news, Director Bruce Brown purchased 16,940 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average price of $11.81 per share, for a total transaction of $200,061.40. Following the purchase, the director directly owned 17,228 shares of the company's stock, valued at $203,462.68. This represents a 5,881.94% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tom Salmon purchased 17,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average price of $11.94 per share, for a total transaction of $202,980.00. Following the purchase, the director directly owned 35,289 shares in the company, valued at $421,350.66. The trade was a 92.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wells Fargo & Company dropped their price objective on Magnera from $16.00 to $14.00 and set an "equal weight" rating on the stock in a report on Friday, July 18th. Wall Street Zen downgraded Magnera from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $17.50.

Magnera Trading Up 6.4%

NYSE:MAGN opened at $13.28 on Friday. The stock's 50 day moving average price is $12.90 and its 200 day moving average price is $15.26. The company has a market capitalization of $472.77 million, a PE ratio of -1.74 and a beta of 1.67. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 1.76. Magnera Corporation has a 52-week low of $10.39 and a 52-week high of $26.78.

Magnera (NYSE:MAGN - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.54). The firm had revenue of $839.00 million for the quarter. Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%.The company's quarterly revenue was up 50.9% on a year-over-year basis.

Magnera Company 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.

Want to see what other hedge funds are holding MAGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magnera Corporation (NYSE:MAGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.