Magnera Corp (NYSE:MAGN) Director Carl J. Rickertsen Purchases 20,000 Shares

Magnera Corp (NYSE:MAGN) Director Carl J. Rickertsen acquired 20,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average cost of $20.33 per share, with a total value of $406,600.00. Following the transaction, the director now directly owns 21,306 shares in the company, valued at $433,150.98. This trade represents a 1,531.39 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Magnera Stock Up 1.6 %

NYSE:MAGN opened at $20.61 on Monday. The company has a market cap of $729.59 million, a P/E ratio of -1.12 and a beta of 1.67. Magnera Corp has a fifty-two week low of $15.80 and a fifty-two week high of $29.77. 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) last released its earnings results on Thursday, February 6th. The company reported ($1.69) earnings per share (EPS) for the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. During the same quarter last year, the business earned ($0.25) EPS.

Institutional Investors Weigh In On Magnera

A number of hedge funds have recently added to or reduced their stakes in MAGN. Madison Avenue Partners LP acquired a new stake in Magnera during the 4th quarter worth approximately $61,892,000. Vanguard Group Inc. acquired a new stake in Magnera during the 4th quarter worth approximately $52,408,000. Engine Capital Management LP acquired a new stake in Magnera during the 4th quarter worth approximately $42,851,000. Ancora Advisors LLC acquired a new stake in Magnera during the 4th quarter worth approximately $30,047,000. Finally, Littlejohn & Co. LLC acquired a new stake in shares of Magnera in the 4th quarter valued at $25,591,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company increased their price objective on shares of Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th.

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.