Madison Avenue Partners LP Makes New Investment in Magnera Corp (NYSE:MAGN)

Madison Avenue Partners LP bought a new position in Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,406,293 shares of the company's stock, valued at approximately $61,892,000. Magnera makes up about 6.6% of Madison Avenue Partners LP's holdings, making the stock its 7th biggest holding. Madison Avenue Partners LP owned approximately 97.32% of Magnera at the end of the most recent quarter.

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

Insiders Place Their Bets

In other Magnera news, CEO Curt Begle purchased 20,275 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average price of $14.01 per share, with a total value of $284,052.75. Following the acquisition, the chief executive officer now owns 44,341 shares in the company, valued at approximately $621,217.41. The trade was a 84.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carl J. Rickertsen acquired 20,000 shares of Magnera stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average cost 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 in the company, valued at $433,150.98. This trade represents a 1,531.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 80,275 shares of company stock worth $1,266,653 over the last three months. Company insiders own 2.26% of the company's stock.

Magnera Stock Performance

MAGN stock traded down $0.50 during mid-day trading on Monday, hitting $12.59. The company had a trading volume of 167,979 shares, compared to its average volume of 544,300. The stock has a market cap of $448.20 million, a price-to-earnings ratio of -0.69 and a beta of 1.76. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. The firm's fifty day moving average is $15.94. Magnera Corp has a 12 month low of $12.20 and a 12 month high of $26.78.

Magnera (NYSE:MAGN - Get Free Report) last issued 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 company had revenue of $824.00 million during the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The business's revenue for the quarter was up 47.7% on a year-over-year basis.

Analyst Ratings Changes

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

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.