185,573 Shares in Magnera Corp (NYSE:MAGN) Bought by CastleKnight Management LP

CastleKnight Management LP purchased a new position in Magnera Corp (NYSE:MAGN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 185,573 shares of the company’s stock, valued at approximately $3,372,000. CastleKnight Management LP owned approximately 0.05% of Magnera at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Magnera

In other Magnera news, CEO Curt Begle acquired 23,786 shares of the stock in a transaction dated Tuesday, February 11th. The stock was 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 owns 24,066 shares in the company, valued at $507,311.28. This trade represents a 8,495.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl J. Rickertsen bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the purchase, the director now owns 21,306 shares in the company, valued at $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. Company insiders own 2.26% of the company’s stock.

Magnera Stock Down 0.5 %

Magnera stock opened at $15.21 on Tuesday. Magnera Corp has a 52-week low of $13.07 and a 52-week high of $26.78. The stock has a market capitalization of $538.43 million, a price-to-earnings ratio of -0.83 and a beta of 1.76. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52. The business’s fifty day simple moving average is $17.01.

Magnera (NYSE:MAGN) last posted its 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 quarter last year, the business earned ($0.25) earnings per share.

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.