Stock Traders Buy Large Volume of Put Options on Magnera (NYSE:MAGN)

Magnera Corp (NYSE:MAGN - Get Free Report) was the target of some unusual options trading on Tuesday. Stock traders bought 2,116 put options on the company. This represents an increase of approximately 1,274% compared to the average volume of 154 put options.

Magnera Price Performance

Shares of MAGN stock traded down $2.08 during mid-day trading on Friday, hitting $14.99. The stock had a trading volume of 932,633 shares, compared to its average volume of 487,961. Magnera has a fifty-two week low of $14.90 and a fifty-two week high of $26.78. 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 company has a 50-day simple moving average of $19.72. The firm has a market cap of $530.65 million, a price-to-earnings ratio of -0.82 and a beta of 1.76.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MAGN shares. Wells Fargo & Company increased their price target on shares of Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Vertical Research initiated coverage on Magnera in a report on Wednesday, March 19th. They set a "hold" rating and a $21.00 price target on the stock.

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Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MAGN. Madison Avenue Partners LP acquired a new stake in shares of Magnera in the 4th quarter worth approximately $61,892,000. Vanguard Group Inc. acquired a new position in shares of Magnera during the 4th quarter worth $52,408,000. Engine Capital Management LP purchased a new stake in shares of Magnera in the 4th quarter worth about $42,851,000. Ancora Advisors LLC purchased a new stake in shares of Magnera in the 4th quarter worth about $30,047,000. Finally, Littlejohn & Co. LLC acquired a new stake in Magnera in the 4th quarter valued at about $25,591,000. 76.92% of the stock is owned by hedge funds and other institutional investors.

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.