Insider Buying: Magnera Corp (NYSE:MAGN) Director Purchases 20,000 Shares of Stock

Magnera Corp (NYSE:MAGN - Get Free Report) Director Kevin Michael Fogarty acquired 20,000 shares of Magnera stock in a transaction on Monday, May 12th. The shares were bought at an average cost of $15.15 per share, with a total value of $303,000.00. Following the completion of the transaction, the director now owns 31,538 shares of the company's stock, valued at approximately $477,800.70. This trade represents a 173.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Magnera Trading Down 3.9%

NYSE MAGN traded down $0.55 during midday trading on Thursday, hitting $13.54. The company had a trading volume of 466,696 shares, compared to its average volume of 541,677. The stock has a market cap of $482.02 million, a P/E ratio of -0.74 and a beta of 1.76. 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 has a 50-day moving average of $16.19. Magnera Corp has a twelve month low of $12.20 and a twelve month high of $26.78.

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

Hedge Funds Weigh In On Magnera

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MAGN. Madison Avenue Partners LP acquired a new position in shares of Magnera during the 4th quarter worth $61,892,000. Vanguard Group Inc. grew its position in shares of Magnera by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 2,896,519 shares of the company's stock valued at $52,601,000 after buying an additional 12,229 shares during the last quarter. Engine Capital Management LP bought a new stake in shares of Magnera in the 4th quarter valued at about $42,851,000. Littlejohn & Co. LLC boosted its position in shares of Magnera by 38.3% during the 1st quarter. Littlejohn & Co. LLC now owns 1,948,060 shares of the company's stock valued at $35,377,000 after purchasing an additional 539,654 shares in the last quarter. Finally, Ancora Advisors LLC bought a new stake in shares of Magnera during the 4th quarter valued at about $30,047,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on MAGN. Wells Fargo & Company downgraded Magnera from an "overweight" rating to a "reduce" rating in a research note on Wednesday. Vertical Research initiated coverage on Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 price target 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.