Paloma Partners Management Co Purchases Shares of 12,073 Magnera Corp (NYSE:MAGN)

Paloma Partners Management Co acquired a new position in shares of Magnera Corp (NYSE:MAGN) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 12,073 shares of the company’s stock, valued at approximately $219,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Rhumbline Advisers acquired a new position in Magnera during the fourth quarter worth $55,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Magnera in the fourth quarter valued at $101,000. Swiss National Bank purchased a new position in Magnera in the fourth quarter valued at $1,267,000. Ballentine Partners LLC acquired a new position in Magnera during the 4th quarter worth $295,000. Finally, Bank of New York Mellon Corp purchased a new stake in Magnera during the 4th quarter worth about $376,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MAGN. Vertical Research began coverage on Magnera in a research note on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th.

Insiders Place Their Bets

In other news, Director Carl J. Rickertsen purchased 20,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were bought at an average price of $20.33 per share, with a total value of $406,600.00. Following the completion of the transaction, the director now directly owns 21,306 shares in the company, valued at approximately $433,150.98. This represents a 1,531.39 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Curt Begle acquired 23,786 shares of Magnera stock in a transaction on Tuesday, February 11th. The stock was purchased at an average price of $21.08 per share, with a total value of $501,408.88. Following the purchase, the chief executive officer now 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 disclosure for this purchase can be found here. 2.26% of the stock is owned by corporate insiders.

Magnera Price Performance

NYSE:MAGN opened at $14.71 on Wednesday. Magnera Corp has a 12 month low of $13.07 and a 12 month high of $26.78. 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 stock has a market capitalization of $520.73 million, a price-to-earnings ratio of -0.80 and a beta of 1.76. The company has a fifty day simple moving average of $17.48.

Magnera (NYSE:MAGN) last released its quarterly earnings data on Thursday, February 6th. The company reported ($1.69) EPS 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 in the previous year, the company posted ($0.25) earnings per share.

About Magnera

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.