OMERS ADMINISTRATION Corp Takes $476,000 Position in Magnera Corp (NYSE:MAGN)

OMERS ADMINISTRATION Corp acquired a new stake in Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 26,200 shares of the company's stock, valued at approximately $476,000. OMERS ADMINISTRATION Corp owned 0.75% of Magnera as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Millennium Management LLC acquired a new stake in Magnera in the 4th quarter worth about $16,299,000. Lazard Asset Management LLC purchased a new position in shares of Magnera in the 4th quarter worth $97,000. Littlejohn & Co. LLC acquired a new position in Magnera in the fourth quarter valued at $25,591,000. Ionic Capital Management LLC purchased a new stake in Magnera during the fourth quarter valued at about $1,767,000. Finally, Irenic Capital Management LP purchased a new stake in Magnera during the fourth quarter valued at about $16,276,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Magnera Stock Performance

Shares of NYSE:MAGN traded down $0.13 during midday trading on Thursday, hitting $11.91. 475,225 shares of the company's stock traded hands, compared to its average volume of 549,689. The firm has a fifty day moving average price of $15.54. 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 twelve month low of $11.77 and a twelve month high of $26.78. The firm has a market capitalization of $424.00 million, a P/E ratio of -0.65 and a beta of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate 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 business's revenue for the quarter was up 47.7% compared to the same quarter last year.

Insider Activity

In other news, Director Carl J. Rickertsen purchased 20,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average price of $13.65 per share, with a total value of $273,000.00. Following the purchase, the director now directly owns 41,306 shares of the company's stock, valued at approximately $563,826.90. This represents a 93.87% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Curt Begle acquired 20,275 shares of the business's stock in a transaction on Friday, May 9th. The stock was purchased at an average price of $14.01 per share, for a total transaction of $284,052.75. Following the acquisition, the chief executive officer now directly owns 44,341 shares in the company, valued at $621,217.41. This represents a 84.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 80,275 shares of company stock worth $1,266,653. 2.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MAGN has been the topic of a number of research reports. Wells Fargo & Company downgraded Magnera from an "overweight" rating to a "reduce" rating in a report on Wednesday, May 14th. Vertical Research began coverage on shares of Magnera in a research report on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price for the company.

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.