Magnera (NYSE:MAGN) Shares Up 6.9% - Should You Buy?

Magnera Corp (NYSE:MAGN - Get Free Report) rose 6.9% on Tuesday . The company traded as high as $14.38 and last traded at $14.33. Approximately 250,710 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 543,468 shares. The stock had previously closed at $13.41.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Vertical Research initiated coverage on Magnera in a research report on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price for the company. Wells Fargo & Company lowered shares of Magnera from an "overweight" rating to a "reduce" rating in a research report on Wednesday, May 14th.

Magnera Stock Performance

The firm has a market cap of $457.10 million, a PE ratio of -0.70 and a beta of 1.66. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. The stock's 50-day simple moving average is $13.77.

Magnera (NYSE:MAGN - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) EPS 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 net margin of 6.97% and a negative return on equity of 10.62%. The company's revenue was up 47.7% compared to the same quarter last year.

Insider Buying and Selling at Magnera

In other news, CEO Curt Begle acquired 20,275 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the completion of the transaction, the chief executive officer now directly owns 44,341 shares in the company, valued at $621,217.41. This trade represents a 84.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kevin Michael Fogarty bought 20,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $15.15 per share, for a total transaction of $303,000.00. Following the completion of the transaction, the director now owns 31,538 shares in the company, valued at approximately $477,800.70. This trade represents a 173.34% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 94,215 shares of company stock worth $1,263,094. Insiders own 2.26% of the company's stock.

Hedge Funds Weigh In On Magnera

A number of hedge funds and other institutional investors have recently bought and sold shares of MAGN. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Magnera during the 4th quarter valued at $101,000. State of Alaska Department of Revenue bought a new stake in Magnera in the fourth quarter valued at about $48,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Magnera during the 4th quarter worth about $26,000. Rhumbline Advisers acquired a new stake in shares of Magnera in the 4th quarter valued at approximately $55,000. Finally, South Dakota Investment Council acquired a new position in Magnera during the fourth quarter valued at approximately $172,000. 76.92% of the stock is owned by institutional investors.

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.