Renaissance Technologies LLC Takes $667,000 Position in Magnera Corp (NYSE:MAGN)

Renaissance Technologies LLC purchased a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 36,704 shares of the company's stock, valued at approximately $667,000. Renaissance Technologies LLC owned 1.05% of Magnera as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. DG Capital Management LLC purchased a new stake in shares of Magnera during the 4th quarter worth approximately $6,340,000. Legal & General Group Plc purchased a new position in shares of Magnera during the 4th quarter valued at $544,000. Invesco Ltd. bought a new position in shares of Magnera during the 4th quarter worth $201,000. Russell Investments Group Ltd. purchased a new stake in Magnera in the 4th quarter worth about $2,702,000. Finally, Wells Fargo & Company MN bought a new stake in Magnera in the 4th quarter valued at about $154,000. Institutional investors own 76.92% of the company's stock.

Analyst Ratings Changes

MAGN has been the subject of several recent research reports. Vertical Research began coverage on shares of Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price for the company. Wells Fargo & Company increased their target price on Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th.

Insiders Place Their Bets

In other news, CEO Curt Begle purchased 23,786 shares of the stock in a transaction on Tuesday, February 11th. The shares were acquired at an average price of $21.08 per share, for a total transaction of $501,408.88. Following the completion of the transaction, the chief executive officer now directly owns 24,066 shares of the company's stock, valued at approximately $507,311.28. This trade represents a 8,495.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Carl J. Rickertsen acquired 20,000 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was purchased at an average price of $20.33 per share, with a total value of $406,600.00. Following the completion of the acquisition, the director now directly owns 21,306 shares in the company, valued at approximately $433,150.98. This represents a 1,531.39 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.26% of the company's stock.

Magnera Price Performance

Shares of MAGN traded up $0.06 during midday trading on Tuesday, hitting $15.19. 399,346 shares of the company traded hands, compared to its average volume of 483,928. The stock's 50-day moving average is $17.01. The firm has a market cap of $537.73 million, a price-to-earnings ratio of -0.83 and a beta of 1.76. Magnera Corp has a one year low of $13.07 and a one year high of $26.78. 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 (NYSE:MAGN - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) EPS for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. During the same quarter in the previous year, the business earned ($0.25) EPS.

Magnera 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.