Tom Salmon Acquires 17,000 Shares of Magnera Corp (NYSE:MAGN) Stock

Magnera Corp (NYSE:MAGN - Get Free Report) Director Tom Salmon purchased 17,000 shares of Magnera stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $11.94 per share, with a total value of $202,980.00. Following the completion of the acquisition, the director now directly owns 35,289 shares in the company, valued at approximately $421,350.66. This trade represents a 92.95% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnera Trading Up 1.6%

Shares of MAGN traded up $0.19 during mid-day trading on Friday, hitting $12.00. The company's stock had a trading volume of 713,449 shares, compared to its average volume of 549,955. The business has a 50-day moving average of $14.54. The stock has a market capitalization of $427.20 million, a price-to-earnings ratio of -0.65 and a beta of 1.76. Magnera Corp has a 1-year low of $11.43 and a 1-year high of $26.78. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52.

Magnera (NYSE:MAGN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($1.35). The firm 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 was up 47.7% compared to the same quarter last year.

Hedge Funds Weigh In On Magnera

Several hedge funds and other institutional investors have recently bought and sold shares of MAGN. KBC Group NV acquired a new position in Magnera during the fourth quarter worth $51,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Magnera during the fourth quarter worth $101,000. State of Alaska Department of Revenue acquired a new position in Magnera during the fourth quarter worth $48,000. Wilmington Savings Fund Society FSB acquired a new position in Magnera during the fourth quarter worth $26,000. Finally, Rhumbline Advisers acquired a new position in shares of Magnera in the fourth quarter worth $55,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on MAGN shares. Wells Fargo & Company cut Magnera from an "overweight" rating to a "reduce" rating in a report on Wednesday, May 14th. Vertical Research started coverage on Magnera in a report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 price target for the company.

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.