CenterBook Partners LP Takes Position in Magnera Corp (NYSE:MAGN)

CenterBook Partners LP acquired a new position in Magnera Corp (NYSE:MAGN) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 91,942 shares of the company’s stock, valued at approximately $1,671,000. CenterBook Partners LP owned 2.63% of Magnera at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rhumbline Advisers purchased a new stake in shares of Magnera in the 4th quarter worth approximately $55,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Magnera during the fourth quarter worth $101,000. Ballentine Partners LLC bought a new position in shares of Magnera in the 4th quarter worth $295,000. Swiss National Bank bought a new stake in shares of Magnera in the 4th quarter valued at about $1,267,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Magnera during the 4th quarter worth approximately $376,000. 76.92% of the stock is currently owned by institutional investors.

Magnera Stock Down 6.5 %

Shares of NYSE:MAGN opened at $15.15 on Friday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. Magnera Corp has a 52-week low of $13.11 and a 52-week high of $26.78. The stock has a market capitalization of $536.31 million, a PE ratio of -0.83 and a beta of 1.76. The business has a 50-day moving average price of $19.29.

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

Insider Buying and Selling at Magnera

In related news, CEO Curt Begle purchased 23,786 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was bought at an average cost of $21.08 per share, with a total value of $501,408.88. Following the completion of the acquisition, 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carl J. Rickertsen acquired 20,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were purchased at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the purchase, the director now directly owns 21,306 shares in the company, valued at approximately $433,150.98. This trade represents 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 owned by corporate insiders.

Wall Street Analysts Forecast Growth

MAGN has been the topic of several analyst reports. Vertical Research started coverage on shares of Magnera in a report on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, February 7th.

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.