Madison Avenue Partners LP Invests $61.89 Million in Magnera Corp (NYSE:MAGN)

Madison Avenue Partners LP purchased a new position in Magnera Corp (NYSE:MAGN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,406,293 shares of the company’s stock, valued at approximately $61,892,000. Magnera accounts for about 6.6% of Madison Avenue Partners LP’s portfolio, making the stock its 7th biggest position. Madison Avenue Partners LP owned about 0.97% of Magnera as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in MAGN. Rhumbline Advisers purchased a new stake in shares of Magnera in the 4th quarter worth about $55,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Magnera during the fourth quarter valued at about $101,000. Swiss National Bank bought a new position in Magnera in the fourth quarter worth about $1,267,000. Ballentine Partners LLC purchased a new stake in Magnera in the fourth quarter worth about $295,000. Finally, Tower Research Capital LLC TRC bought a new stake in Magnera during the 4th quarter valued at approximately $165,000. Institutional investors own 76.92% of the company’s stock.

Magnera Stock Up 2.1%

Magnera stock opened at $15.06 on Wednesday. Magnera Corp has a twelve month low of $12.20 and a twelve month high of $26.78. 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 stock has a market cap of $536.14 million, a P/E ratio of -0.82 and a beta of 1.76. The stock has a 50 day moving average of $16.31.

Magnera (NYSE:MAGN) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). The firm had revenue of $824.00 million during 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% on a year-over-year basis.

Insider Activity

In related news, Director Kevin Michael Fogarty purchased 20,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were purchased at an average price of $15.15 per share, with a total value of $303,000.00. Following the acquisition, the director now directly owns 31,538 shares in the company, valued at $477,800.70. The trade was a 173.34% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Curt Begle acquired 20,275 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were bought at an average cost of $14.01 per share, with a total value of $284,052.75. Following the completion of the acquisition, the chief executive officer now directly owns 44,341 shares of the company’s stock, valued at $621,217.41. The trade was a 84.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 60,275 shares of company stock worth $993,653 over the last 90 days. 2.26% of the stock is currently owned by insiders.

Analyst Ratings Changes

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