Magnera (NYSE:MAGN) Posts Quarterly Earnings Results, Misses Expectations By $0.54 EPS

Key Points

• Magnera (NYSE:MAGN) reported a loss of ($0.51) per share for the quarter, significantly missing analysts' estimates of $0.03 by ($0.54).
• The company's revenue for the quarter reached $839 million, which is a 50.9% increase compared to the same quarter last year.
• Insider trading activity shows a strong interest, with directors purchasing a total of 73,940 shares valued at nearly $979,041 over the past 90 days.

Magnera (NYSE:MAGN - Get Free Report) released its quarterly earnings results on Wednesday. The company reported ($0.51) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.54), Zacks reports. The firm had revenue of $839.00 million for the quarter. Magnera had a negative net margin of 4.98% and a negative return on equity of 9.57%. The firm's revenue for the quarter was up 50.9% compared to the same quarter last year.

Magnera Trading Up 7.1%

NYSE MAGN opened at $12.31 on Friday. The business has a 50 day moving average price of $12.90 and a 200-day moving average price of $15.68. Magnera has a 52 week low of $10.39 and a 52 week high of $26.78. The company has a quick ratio of 1.54, a current ratio of 2.58 and a debt-to-equity ratio of 1.77. The company has a market cap of $438.24 million, a price-to-earnings ratio of -1.61 and a beta of 1.67.

Insider Buying and Selling at Magnera

In other news, Director Bruce Brown bought 16,940 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was acquired at an average cost of $11.81 per share, with a total value of $200,061.40. Following the completion of the transaction, the director directly owned 17,228 shares of the company's stock, valued at $203,462.68. This represents a 5,881.94% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Tom Salmon purchased 17,000 shares of the stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $11.94 per share, for a total transaction of $202,980.00. Following the transaction, the director owned 35,289 shares of the company's stock, valued at approximately $421,350.66. This trade represents a 92.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 73,940 shares of company stock worth $979,041. 2.26% of the stock is currently owned by insiders.

Institutional Trading of Magnera

A hedge fund recently bought a new stake in Magnera stock. Dynamic Technology Lab Private Ltd purchased a new position in Magnera Corporation (NYSE:MAGN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,459 shares of the company's stock, valued at approximately $208,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company reduced their price target on shares of Magnera from $16.00 to $14.00 and set an "equal weight" rating for the company in a research report on Friday, July 18th.

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.

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