Point72 Asset Management L.P. Purchases Shares of 55,400 Magnera Corp (NYSE:MAGN)

Point72 Asset Management L.P. purchased a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 55,400 shares of the company's stock, valued at approximately $1,007,000. Point72 Asset Management L.P. owned 1.58% of Magnera as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rhumbline Advisers bought a new stake in shares of Magnera in the fourth quarter worth about $55,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Magnera in the fourth quarter worth about $101,000. Swiss National Bank bought a new stake in shares of Magnera in the fourth quarter worth about $1,267,000. Ballentine Partners LLC bought a new stake in shares of Magnera in the fourth quarter worth about $295,000. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Magnera in the fourth quarter worth about $165,000. 76.92% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Magnera news, Director Carl J. Rickertsen bought 20,000 shares of the company's stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the transaction, the director now directly owns 21,306 shares of the company's stock, valued at approximately $433,150.98. This represents a 1,531.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Curt Begle bought 20,275 shares of the company's stock in a transaction 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 transaction, the chief executive officer now directly owns 44,341 shares of the company's stock, valued at approximately $621,217.41. This trade represents a 84.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 80,275 shares of company stock valued at $1,266,653 over the last ninety days. 2.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Magnera Price Performance

Shares of NYSE MAGN opened at $12.11 on Thursday. The stock's 50 day moving average is $15.54. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. Magnera Corp has a 1-year low of $12.04 and a 1-year high of $26.78. The company has a market capitalization of $431.12 million, a PE ratio of -0.66 and a beta of 1.76.

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

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.

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