Cannell & Spears LLC Takes $1.44 Million Position in Magnera Corp (NYSE:MAGN)

Cannell & Spears LLC purchased a new position in shares of Magnera Corp (NYSE:MAGN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 79,332 shares of the company’s stock, valued at approximately $1,441,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Magnera during the 4th quarter valued at about $26,000. Vestcor Inc acquired a new position in Magnera in the fourth quarter worth about $46,000. State of Alaska Department of Revenue bought a new position in Magnera during the fourth quarter worth about $48,000. KBC Group NV acquired a new stake in Magnera during the fourth quarter valued at approximately $51,000. Finally, Rhumbline Advisers bought a new stake in shares of Magnera in the 4th quarter valued at approximately $55,000. Institutional investors own 76.92% of the company’s stock.

Magnera Trading Down 0.4 %

NYSE MAGN opened at $18.21 on Tuesday. The firm has a market capitalization of $644.63 million, a price-to-earnings ratio of -0.99 and a beta of 1.66. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. Magnera Corp has a 1-year low of $15.80 and a 1-year high of $26.78. The business’s 50 day moving average price is $19.76.

Magnera (NYSE:MAGN) last released its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) earnings per share for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. During the same period last year, the firm earned ($0.25) EPS.

Insider Activity at Magnera

In other news, CEO Curt Begle purchased 23,786 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were acquired at an average price of $21.08 per share, with a total value of $501,408.88. Following the completion of the purchase, the chief executive officer now directly owns 24,066 shares of the company’s stock, valued at $507,311.28. The trade was a 8,495.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl J. Rickertsen purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the acquisition, the director now owns 21,306 shares of the company’s stock, valued at $433,150.98. The trade was a 1,531.39 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Vertical Research assumed coverage on Magnera in a research report on Wednesday, March 19th. They set a “hold” rating and a $21.00 target price for the company. Wells Fargo & Company boosted their target price on shares of Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, February 7th.

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.