Littlejohn & Co. LLC Takes $25.59 Million Position in Magnera Corp (NYSE:MAGN)

Littlejohn & Co. LLC acquired a new position in shares of Magnera Corp (NYSE:MAGN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,408,406 shares of the company's stock, valued at approximately $25,591,000. Magnera makes up about 12.9% of Littlejohn & Co. LLC's portfolio, making the stock its 4th largest holding. Littlejohn & Co. LLC owned approximately 40.24% of Magnera at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new position in Magnera in the fourth quarter valued at $26,000. Vestcor Inc acquired a new position in shares of Magnera during the 4th quarter worth about $46,000. State of Alaska Department of Revenue bought a new position in shares of Magnera in the 4th quarter valued at about $48,000. KBC Group NV acquired a new stake in shares of Magnera in the fourth quarter valued at about $51,000. Finally, National Bank of Canada FI bought a new stake in Magnera during the fourth quarter worth about $52,000. Institutional investors own 76.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MAGN. Vertical Research started 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. Wells Fargo & Company cut shares of Magnera from an "overweight" rating to a "reduce" rating in a research note on Wednesday.

Insider Buying and Selling

In related news, Director Carl J. Rickertsen purchased 20,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the purchase, the director now owns 21,306 shares in the company, valued at approximately $433,150.98. This represents a 1,531.39% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Curt Begle purchased 20,275 shares of the stock in a transaction on Friday, May 9th. The stock was bought at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the completion of the acquisition, the chief executive officer now owns 44,341 shares in the company, 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. In the last three months, insiders have acquired 80,275 shares of company stock valued at $1,266,653. 2.26% of the stock is owned by insiders.

Magnera Stock Down 3.9%

Shares of MAGN stock traded down $0.55 on Thursday, reaching $13.54. The stock had a trading volume of 883,356 shares, compared to its average volume of 546,640. Magnera Corp has a 12 month low of $12.20 and a 12 month high of $26.78. The stock has a market capitalization of $482.02 million, a price-to-earnings ratio of -0.74 and a beta of 1.76. The stock's 50-day moving average price is $16.19. 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 (NYSE:MAGN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $824.00 million for the quarter. The business's quarterly revenue was up 47.7% on a year-over-year basis.

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.