Two Sigma Investments LP Makes New Investment in Magnera Corp (NYSE:MAGN)

Two Sigma Investments LP bought a new stake in Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,596 shares of the company's stock, valued at approximately $592,000. Two Sigma Investments LP owned about 0.93% of Magnera at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MAGN. Madison Avenue Partners LP bought a new stake in Magnera during the 4th quarter valued at $61,892,000. Vanguard Group Inc. purchased a new stake in shares of Magnera in the fourth quarter worth about $52,408,000. Engine Capital Management LP purchased a new position in shares of Magnera during the fourth quarter worth about $42,851,000. Ancora Advisors LLC bought a new position in Magnera during the fourth quarter valued at approximately $30,047,000. Finally, Littlejohn & Co. LLC bought a new position in shares of Magnera in the fourth quarter worth approximately $25,591,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MAGN shares. Vertical Research initiated coverage on shares of Magnera in a report on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price on the stock. Wells Fargo & Company cut shares of Magnera from an "overweight" rating to a "reduce" rating in a report on Wednesday, May 14th.

Magnera Stock Performance

MAGN stock traded down $0.18 during midday trading on Thursday, reaching $13.94. The company's stock had a trading volume of 620,892 shares, compared to its average volume of 568,976. The stock has a market cap of $496.26 million, a price-to-earnings ratio of -0.76 and a beta of 1.66. Magnera Corp has a 1 year low of $11.43 and a 1 year high of $26.78. 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 company's fifty day moving average price is $13.78.

Magnera (NYSE:MAGN - Get Free Report) last released its quarterly 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 business 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%. Magnera's revenue was up 47.7% compared to the same quarter last year.

Insiders Place Their Bets

In other news, Director Carl J. Rickertsen bought 20,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $273,000.00. Following the acquisition, the director now directly owns 41,306 shares of the company's stock, valued at $563,826.90. The trade was a 93.87% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Curt Begle acquired 20,275 shares of Magnera stock in a transaction dated Friday, May 9th. The stock was bought at an average price of $14.01 per share, for a total transaction of $284,052.75. Following the completion of the purchase, the chief executive officer now owns 44,341 shares of the company's stock, valued at approximately $621,217.41. This represents a 84.25% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 94,215 shares of company stock worth $1,263,094. Company insiders own 2.26% of the company's stock.

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.