142,754 Shares in Magnera Corp (NYSE:MAGN) Bought by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC bought a new position in shares of Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 142,754 shares of the company's stock, valued at approximately $2,594,000. Schonfeld Strategic Advisors LLC owned approximately 4.08% of Magnera as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MAGN. Wilmington Savings Fund Society FSB purchased a new position in shares of Magnera in the fourth quarter worth about $26,000. Vestcor Inc acquired a new stake in shares of Magnera during the 4th quarter worth about $46,000. State of Alaska Department of Revenue acquired a new stake in shares of Magnera during the fourth quarter valued at about $48,000. KBC Group NV acquired a new position in shares of Magnera in the 4th quarter worth approximately $51,000. Finally, National Bank of Canada FI purchased a new position in shares of Magnera during the 4th quarter worth approximately $52,000. Institutional investors and hedge funds own 76.92% of the company's stock.

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 report on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price for the company.

Insider Transactions at Magnera

In other Magnera news, CEO Curt Begle bought 23,786 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The shares were purchased at an average price of $21.08 per share, with a total value of $501,408.88. Following the completion of the acquisition, the chief executive officer now directly owns 24,066 shares of the company's stock, valued at $507,311.28. This represents a 8,495.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl J. Rickertsen purchased 20,000 shares of the firm's stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost 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 $433,150.98. The trade was a 1,531.39 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 64,061 shares of company stock valued at $1,192,062. 2.26% of the stock is currently owned by corporate insiders.

Magnera Stock Up 3.1 %

MAGN stock traded up $0.43 during midday trading on Friday, hitting $14.19. The company's stock had a trading volume of 1,075,810 shares, compared to its average volume of 532,965. The firm has a 50-day moving average of $16.52. The company has a market cap of $502.33 million, a price-to-earnings ratio of -0.77 and a beta of 1.76. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. Magnera Corp has a 52-week low of $12.20 and a 52-week high of $26.78.

Magnera (NYSE:MAGN - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($1.35). Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. The company had revenue of $824.00 million during the quarter. The firm's revenue for the quarter was up 47.7% compared to the same quarter last year.

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.