Kevin Michael Fogarty Purchases 20,000 Shares of Magnera Corp (NYSE:MAGN) 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 bought at an average price of $15.15 per share, with a total value 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 represents a 173.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Magnera Price Performance

MAGN stock opened at $14.73 on Tuesday. The company has a market cap of $524.39 million, a PE ratio of -0.80 and a beta of 1.76. The stock’s 50-day moving average is $16.41. 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 1 year low of $12.20 and a 1 year high of $26.78.

Magnera (NYSE:MAGN) last released its quarterly 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). The company 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 quarterly revenue was up 47.7% on a year-over-year basis.

Hedge Funds Weigh In On Magnera

Several hedge funds have recently modified their holdings of MAGN. Wilmington Savings Fund Society FSB bought a new position in shares of Magnera during the 4th quarter worth approximately $26,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Magnera by 11,193.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company’s stock worth $31,000 after purchasing an additional 1,679 shares during the last quarter. Shell Asset Management Co. purchased a new stake in shares of Magnera during the 4th quarter worth approximately $41,000. Vestcor Inc purchased a new stake in shares of Magnera during the 4th quarter worth approximately $46,000. Finally, State of Alaska Department of Revenue purchased a new position in Magnera in the 4th quarter valued at approximately $48,000. Institutional investors own 76.92% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Vertical Research assumed coverage on Magnera in a report on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price objective for the company. Wells Fargo & Company increased their price target on Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, February 7th.

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.