Magnera (NYSE:MAGN) Releases 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) posted its 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. Magnera had a negative return on equity of 9.57% and a negative net margin of 4.98%. The firm had revenue of $839.00 million for the quarter. The company's quarterly revenue was up 50.9% on a year-over-year basis.

Magnera Trading Up 3.6%

Shares of Magnera stock traded up $0.46 on Tuesday, hitting $13.31. 282,243 shares of the company traded hands, compared to its average volume of 646,965. The company has a market cap of $473.84 million, a PE ratio of -1.74 and a beta of 1.67. Magnera has a 52 week low of $10.39 and a 52 week high of $26.78. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 1.76. The stock's 50 day moving average price is $12.93 and its 200-day moving average price is $15.58.

Insider Buying and Selling

In other Magnera news, Director Carl J. Rickertsen acquired 20,000 shares of Magnera stock in a transaction that occurred on Thursday, May 15th. The stock was bought at an average price of $13.65 per share, with a total value of $273,000.00. Following the completion of the purchase, the director directly owned 41,306 shares of the company's stock, valued at approximately $563,826.90. This represents a 93.87% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Tom Salmon acquired 17,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were acquired at an average price of $11.94 per share, with a total value of $202,980.00. Following the acquisition, the director owned 35,289 shares in the company, valued at approximately $421,350.66. The trade was a 92.95% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 53,940 shares of company stock valued at $676,041 over the last 90 days. Corporate insiders own 2.26% of the company's stock.

Hedge Funds Weigh In On Magnera

Hedge funds have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of Magnera in the 1st quarter valued at $208,000. Legal & General Group Plc lifted its holdings in shares of Magnera by 17.3% in the 2nd quarter. Legal & General Group Plc now owns 34,639 shares of the company's stock valued at $418,000 after buying an additional 5,121 shares during the period. Rhumbline Advisers boosted its stake in shares of Magnera by 3,290.8% in the second quarter. Rhumbline Advisers now owns 51,269 shares of the company's stock worth $619,000 after buying an additional 49,757 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in Magnera in the first quarter valued at approximately $965,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MAGN has been the topic of several analyst reports. Wells Fargo & Company lowered their price objective on Magnera from $16.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Friday, July 18th. Wall Street Zen lowered Magnera from a "hold" rating to a "sell" rating in a research note on Saturday.

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.