Magnera (NYSE:MAGN) Trading Up 6.9% – Should You Buy?

Magnera Corp (NYSE:MAGN) shares rose 6.9% on Tuesday . The stock traded as high as $14.38 and last traded at $14.33. Approximately 250,710 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 543,468 shares. The stock had previously closed at $13.41.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company lowered Magnera from an “overweight” rating to a “reduce” rating in a report on Wednesday, May 14th. Vertical Research started coverage on shares of Magnera in a research report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price objective for the company.

Magnera Stock Up 6.3%

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 firm’s 50-day moving average is $13.85. The stock has a market cap of $507.66 million, a price-to-earnings ratio of -0.78 and a beta of 1.66.

Magnera (NYSE:MAGN) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing the consensus estimate of $0.20 by ($1.35). The firm had revenue of $824.00 million for the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The company’s revenue was up 47.7% compared to the same quarter last year.

Insiders Place Their Bets

In related news, CEO Curt Begle acquired 20,275 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were purchased at an average price 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 approximately $621,217.41. This represents a 84.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Kevin Michael Fogarty purchased 20,000 shares of the company’s stock in a transaction on Monday, May 12th. The shares were purchased at an average cost of $15.15 per share, with a total value of $303,000.00. Following the transaction, the director now directly owns 31,538 shares in the company, valued at $477,800.70. This trade represents a 173.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 94,215 shares of company stock valued at $1,263,094 over the last ninety days. 2.26% of the stock is currently owned by company insiders.

Institutional Trading of Magnera

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB purchased a new stake in Magnera in the fourth quarter worth about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Magnera by 11,193.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company’s stock worth $31,000 after acquiring an additional 1,679 shares in the last quarter. Contrarian Capital Management L.L.C. grew its holdings in Magnera by 7.7% in the first quarter. Contrarian Capital Management L.L.C. now owns 28,000 shares of the company’s stock worth $508,000 after purchasing an additional 2,000 shares during the period. Shell Asset Management Co. bought a new position in shares of Magnera during the fourth quarter valued at approximately $41,000. Finally, Vestcor Inc purchased a new position in shares of Magnera during the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

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.