Cannell & Spears LLC Takes $1.44 Million Position in Magnera Corp (NYSE:MAGN)

Cannell & Spears LLC bought a new stake in Magnera Corp (NYSE:MAGN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 79,332 shares of the company's stock, valued at approximately $1,441,000. Cannell & Spears LLC owned approximately 2.27% of Magnera as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MAGN. Wilmington Savings Fund Society FSB bought a new position in Magnera during the 4th quarter valued at $26,000. Vestcor Inc purchased a new stake in shares of Magnera in the fourth quarter valued at about $46,000. State of Alaska Department of Revenue bought a new position in shares of Magnera during the fourth quarter valued at about $48,000. KBC Group NV purchased a new position in Magnera during the fourth quarter worth about $51,000. Finally, Rhumbline Advisers bought a new stake in Magnera in the 4th quarter worth about $55,000. Hedge funds and other institutional investors own 76.92% of the company's stock.

Insider Transactions at Magnera

In other Magnera news, Director Carl J. Rickertsen acquired 20,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was bought at an average cost of $20.33 per share, with a total value of $406,600.00. Following the acquisition, the director now owns 21,306 shares in the company, valued at approximately $433,150.98. This represents a 1,531.39 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Curt Begle bought 23,786 shares of the stock in a transaction on Tuesday, February 11th. The shares were acquired at an average cost of $21.08 per share, for a total transaction of $501,408.88. Following the acquisition, the chief executive officer now directly owns 24,066 shares in the company, valued at approximately $507,311.28. This trade represents a 8,495.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.26% of the stock is owned by corporate insiders.

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Magnera Stock Performance

MAGN stock traded down $2.08 during mid-day trading on Friday, hitting $14.99. The company had a trading volume of 932,633 shares, compared to its average volume of 487,961. Magnera Corp has a 12 month low of $14.90 and a 12 month high of $26.78. The firm's fifty day moving average is $19.72. The stock has a market cap of $530.65 million, a price-to-earnings ratio of -0.82 and a beta of 1.76. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45.

Magnera (NYSE:MAGN - Get Free Report) last posted 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 posted ($0.25) earnings per share.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Vertical Research initiated coverage on Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price on the stock. Wells Fargo & Company boosted their price objective on Magnera from $22.00 to $24.00 and gave the stock 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.