900,000 Shares in Magnera Corp (NYSE:MAGN) Purchased by Newtyn Management LLC

Newtyn Management LLC purchased a new position in shares of Magnera Corp (NYSE:MAGN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 900,000 shares of the company’s stock, valued at approximately $16,353,000. Magnera comprises about 2.8% of Newtyn Management LLC’s portfolio, making the stock its 13th biggest position. Newtyn Management LLC owned 25.71% of Magnera at the end of the most recent reporting period.

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

Insider Buying and Selling

In related news, Director Kevin Michael Fogarty acquired 20,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was purchased at an average cost of $15.15 per share, with a total value of $303,000.00. Following the acquisition, the director now directly owns 31,538 shares of the company’s stock, valued at approximately $477,800.70. The trade was a 173.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Curt Begle bought 20,275 shares of Magnera stock in a transaction dated 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 completion of the acquisition, the chief executive officer now owns 44,341 shares in the company, valued at $621,217.41. This represents a 84.25% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 60,275 shares of company stock valued at $993,653. 2.26% of the stock is owned by company insiders.

Magnera Stock Up 2.1%

Shares of NYSE:MAGN opened at $15.06 on Wednesday. Magnera Corp has a 12-month low of $12.20 and a 12-month high of $26.78. The stock’s 50 day moving average price is $16.31. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $536.14 million, a PE ratio of -0.82 and a beta of 1.76.

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 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 during the quarter. The firm’s quarterly revenue was up 47.7% compared to the same quarter last year.

Analyst Upgrades and Downgrades

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