Brightline Capital Management LLC Purchases New Shares in Magnera Corp (NYSE:MAGN)

Brightline Capital Management LLC acquired a new position in Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 153,000 shares of the company's stock, valued at approximately $2,780,000. Magnera comprises about 2.2% of Brightline Capital Management LLC's investment portfolio, making the stock its 11th largest position. Brightline Capital Management LLC owned about 4.37% of Magnera as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. purchased a new position in Magnera during the fourth quarter worth about $52,408,000. LSV Asset Management purchased a new stake in shares of Magnera during the fourth quarter worth about $18,382,000. Loomis Sayles & Co. L P purchased a new position in Magnera during the 4th quarter valued at $10,969,000. Geode Capital Management LLC bought a new stake in Magnera during the 4th quarter valued at approximately $6,491,000. Finally, DG Capital Management LLC purchased a new stake in Magnera in the fourth quarter worth $6,340,000. 76.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Magnera

In other news, CEO Curt Begle bought 23,786 shares of the stock in a transaction dated Tuesday, February 11th. The stock was purchased at an average price of $21.08 per share, for a total transaction of $501,408.88. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Carl J. Rickertsen purchased 20,000 shares of Magnera stock in a transaction dated Thursday, February 27th. The stock was acquired at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the acquisition, the director now owns 21,306 shares of the company's stock, valued at approximately $433,150.98. This trade represents a 1,531.39 % increase in their position. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by corporate insiders.

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Magnera Price Performance

Shares of MAGN stock traded down $0.11 on Tuesday, hitting $15.15. 176,199 shares of the stock traded hands, compared to its average volume of 497,641. The stock has a market cap of $536.31 million, a price-to-earnings ratio of -0.83 and a beta of 1.76. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. The business has a 50 day moving average price of $19.02. Magnera Corp has a 52 week low of $13.11 and a 52 week high of $26.78.

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

Analyst Ratings Changes

A number of brokerages have recently commented on MAGN. Vertical Research started coverage on Magnera in a research report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 price target on the stock. Wells Fargo & Company increased their price objective on shares of Magnera from $22.00 to $24.00 and gave the company an "overweight" rating in a research 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.