Carl J. Rickertsen Purchases 20,000 Shares of Magnera Corp (NYSE:MAGN) Stock

Magnera Corp (NYSE:MAGN) Director Carl J. Rickertsen acquired 20,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were bought at an average price of $13.65 per share, with a total value of $273,000.00. Following the completion of the transaction, the director now directly owns 41,306 shares of the company’s stock, valued at $563,826.90. The trade was a 93.87% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Magnera Stock Performance

Shares of MAGN stock opened at $13.10 on Friday. Magnera Corp has a fifty-two week low of $12.20 and a fifty-two week high of $26.78. 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 business has a 50 day simple moving average of $15.94. The company has a market capitalization of $466.36 million, a P/E ratio of -0.71 and a beta of 1.76.

Magnera (NYSE:MAGN) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate 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%. Magnera’s quarterly revenue was up 47.7% on a year-over-year basis.

Analysts Set New Price Targets

MAGN has been the subject of a number of analyst reports. Vertical Research initiated coverage on Magnera in a research report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price objective for the company. Wells Fargo & Company downgraded Magnera from an “overweight” rating to a “reduce” rating in a research report on Wednesday.

Institutional Trading of Magnera

Several large investors have recently modified their holdings of MAGN. Ballentine Partners LLC acquired a new stake in shares of Magnera during the 4th quarter worth approximately $295,000. KBC Group NV acquired a new stake in shares of Magnera during the 4th quarter worth approximately $51,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Magnera during the 4th quarter worth approximately $101,000. State of Alaska Department of Revenue acquired a new stake in shares of Magnera during the 4th quarter worth approximately $48,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Magnera during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 76.92% of the company’s stock.

Magnera Company 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.