Magnera Corp (NYSE:MAGN) Director Buys $303,000.00 in Stock

Magnera Corp (NYSE:MAGN) Director Kevin Michael Fogarty purchased 20,000 shares of the stock in a transaction dated Monday, May 12th. The shares were acquired at an average cost of $15.15 per share, for a total transaction of $303,000.00. Following the completion of the acquisition, the director now directly owns 31,538 shares of the company’s stock, valued at approximately $477,800.70. This trade represents a 173.34% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Magnera Stock Down 6.3%

Shares of MAGN stock opened at $14.10 on Thursday. The company’s 50-day moving average price is $16.19. Magnera Corp has a fifty-two week low of $12.20 and a fifty-two week high of $26.78. The company has a market capitalization of $501.96 million, a PE ratio of -0.77 and a beta of 1.76. 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 announced its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $824.00 million for the quarter. The firm’s revenue was up 47.7% on a year-over-year basis.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MAGN. Madison Avenue Partners LP bought a new position in Magnera during the fourth quarter valued at about $61,892,000. Vanguard Group Inc. acquired a new position in shares of Magnera in the 4th quarter valued at $52,408,000. Engine Capital Management LP acquired a new position in shares of Magnera in the 4th quarter valued at $42,851,000. Ancora Advisors LLC acquired a new position in shares of Magnera in the 4th quarter valued at $30,047,000. Finally, Littlejohn & Co. LLC acquired a new position in shares of Magnera in the 4th quarter valued at $25,591,000. Institutional investors own 76.92% of the company’s stock.

Wall Street Analysts Forecast Growth

MAGN has been the topic of a number of research analyst reports. Wells Fargo & Company lowered Magnera from an “overweight” rating to a “reduce” rating in a report on Wednesday. Vertical Research initiated coverage on Magnera in a report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price target on the stock.

Magnera Company 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.