Magnera (NYSE:MAGN) Hits New 1-Year Low on Disappointing Earnings

Magnera Corp (NYSE:MAGN)’s stock price hit a new 52-week low on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $12.20 and last traded at $12.47, with a volume of 2343311 shares. The stock had previously closed at $15.17.

The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). The company 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 business’s revenue was up 47.7% on a year-over-year basis.

Analyst Ratings Changes

Several equities analysts recently commented on MAGN shares. Wells Fargo & Company boosted their price objective 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. Vertical Research started coverage on Magnera in a research report on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price objective on the stock.

Insider Buying and Selling at Magnera

In other news, CEO Curt Begle acquired 23,786 shares of Magnera stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average cost of $21.08 per share, for a total transaction of $501,408.88. Following the transaction, the chief executive officer now owns 24,066 shares of the company’s stock, valued at $507,311.28. This trade represents a 8,495.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Carl J. Rickertsen bought 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $20.33 per share, with a total value of $406,600.00. Following the transaction, the director now directly owns 21,306 shares in the company, 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.

Hedge Funds Weigh In On Magnera

Several institutional investors and hedge funds have recently made changes to their positions in MAGN. Wilmington Savings Fund Society FSB purchased a new stake in Magnera during the fourth quarter valued at about $26,000. Shell Asset Management Co. purchased a new stake in Magnera during the 4th quarter valued at about $41,000. Vestcor Inc bought a new position in Magnera during the 4th quarter worth approximately $46,000. State of Alaska Department of Revenue purchased a new position in Magnera in the 4th quarter worth approximately $48,000. Finally, KBC Group NV bought a new stake in Magnera in the fourth quarter valued at approximately $51,000. Institutional investors own 76.92% of the company’s stock.

Magnera Price Performance

The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. The company has a market capitalization of $488.17 million, a PE ratio of -0.75 and a beta of 1.76. The company’s 50 day moving average is $16.62.

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.