Ameriprise Financial Inc. Takes $6.03 Million Position in Magnera Corp (NYSE:MAGN)

Ameriprise Financial Inc. purchased a new position in shares of Magnera Corp (NYSE:MAGN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 331,685 shares of the company's stock, valued at approximately $6,027,000. Ameriprise Financial Inc. owned about 9.48% of Magnera at the end of the most recent quarter.

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

Insider Activity at Magnera

In other Magnera news, Director Kevin Michael Fogarty purchased 20,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average price of $15.15 per share, for a total transaction of $303,000.00. Following the purchase, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Curt Begle bought 20,275 shares of Magnera stock in a transaction dated Friday, May 9th. The stock was purchased at an average price of $14.01 per share, with a total value of $284,052.75. Following the purchase, the chief executive officer now directly owns 44,341 shares in the company, valued at approximately $621,217.41. This trade represents a 84.25% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 60,275 shares of company stock valued at $860,053 in the last ninety days. Insiders own 2.26% of the company's stock.

Wall Street Analysts Forecast Growth

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

Magnera Stock Performance

Shares of NYSE:MAGN traded up $0.25 during trading hours on Thursday, reaching $11.81. The stock had a trading volume of 448,131 shares, compared to its average volume of 552,434. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The business's 50 day moving average is $14.67. The stock has a market cap of $420.44 million, a PE ratio of -0.64 and a beta of 1.76. Magnera Corp has a 1 year low of $11.43 and a 1 year high of $26.78.

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

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.