Magnera (NYSE:MAGN) Reaches New 12-Month Low After Earnings Miss

Magnera Corp (NYSE:MAGN - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $12.20 and last traded at $12.47, with a volume of 2343311 shares trading hands. The stock had previously closed at $15.17.

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 for the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The firm's revenue for the quarter was up 47.7% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wells Fargo & Company upped their price target on Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Vertical Research initiated coverage on Magnera in a research note on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price on the stock.

Insider Activity at Magnera

In related news, CEO Curt Begle bought 23,786 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was purchased at an average cost of $21.08 per share, with a total value of $501,408.88. Following the purchase, the chief executive officer now directly owns 24,066 shares of the company's stock, valued at $507,311.28. This trade represents a 8,495.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Carl J. Rickertsen purchased 20,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were bought at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the acquisition, the director now 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. Over the last quarter, insiders acquired 64,061 shares of company stock worth $1,192,062. Corporate insiders own 2.26% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Madison Avenue Partners LP acquired a new stake in shares of Magnera in the 4th quarter valued at $61,892,000. Vanguard Group Inc. acquired a new stake in Magnera in the fourth quarter valued at $52,408,000. Engine Capital Management LP purchased a new stake in Magnera during the 4th quarter worth about $42,851,000. Ancora Advisors LLC acquired a new position in shares of Magnera during the 4th quarter worth about $30,047,000. Finally, Littlejohn & Co. LLC purchased a new position in shares of Magnera in the 4th quarter valued at about $25,591,000. Hedge funds and other institutional investors own 76.92% of the company's stock.

Magnera Stock Performance

The company has a 50-day moving average price of $16.52. The firm has a market capitalization of $502.33 million, a price-to-earnings ratio of -0.77 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.

Magnera Company 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.