Point72 Asia Singapore Pte. Ltd. Takes $352,000 Position in Magnera Corp (NYSE:MAGN)

Point72 Asia Singapore Pte. Ltd. acquired a new position in Magnera Corp (NYSE:MAGN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 19,367 shares of the company’s stock, valued at approximately $352,000. Point72 Asia Singapore Pte. Ltd. owned 0.55% of Magnera at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MAGN. Wilmington Savings Fund Society FSB bought a new stake in shares of Magnera during the fourth quarter valued at approximately $26,000. Vestcor Inc bought a new position in Magnera in the 4th quarter valued at $46,000. State of Alaska Department of Revenue purchased a new position in shares of Magnera during the 4th quarter valued at $48,000. KBC Group NV bought a new position in shares of Magnera during the 4th quarter worth $51,000. Finally, National Bank of Canada FI bought a new position in shares of Magnera during the 4th quarter worth $52,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Magnera

In other news, CEO Curt Begle acquired 20,275 shares of Magnera stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the acquisition, the chief executive officer now directly owns 44,341 shares of the company’s stock, valued at $621,217.41. This trade represents a 84.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Carl J. Rickertsen purchased 20,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $20.33 per share, for a total transaction 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 trade represents a 1,531.39% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 80,275 shares of company stock valued at $1,266,653. Insiders own 2.26% of the company’s stock.

Magnera Trading Down 3.9%

Magnera stock opened at $13.54 on Friday. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The business has a fifty day moving average of $16.08. Magnera Corp has a 12 month low of $12.20 and a 12 month high of $26.78. The company has a market capitalization of $482.02 million, a P/E ratio of -0.74 and a beta of 1.76.

Magnera (NYSE:MAGN) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). The firm had revenue of $824.00 million for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. Magnera’s revenue was up 47.7% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MAGN shares. Wells Fargo & Company downgraded Magnera from an “overweight” rating to a “reduce” rating in a research report on Wednesday. Vertical Research began coverage on Magnera in a research note on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price target on the stock.

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.