Scotia Capital Inc. Takes Position in Magnera Corp (NYSE:MAGN)

Scotia Capital Inc. bought a new position in Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 48,039 shares of the company's stock, valued at approximately $873,000. Scotia Capital Inc. owned about 1.37% of Magnera at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MAGN. CenterBook Partners LP purchased a new stake in Magnera during the fourth quarter valued at $1,671,000. Renaissance Technologies LLC purchased a new stake in shares of Magnera during the 4th quarter valued at about $667,000. DG Capital Management LLC bought a new position in shares of Magnera in the 4th quarter worth approximately $6,340,000. Legal & General Group Plc purchased a new position in shares of Magnera in the fourth quarter worth approximately $544,000. Finally, Invesco Ltd. purchased a new position in shares of Magnera in the fourth quarter worth approximately $201,000. Institutional investors own 76.92% of the company's stock.

Insider Activity at Magnera

In related news, Director Carl J. Rickertsen bought 20,000 shares of Magnera stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $20.33 per share, with a total value of $406,600.00. Following the completion of the transaction, the director now owns 21,306 shares in the company, valued at $433,150.98. The trade was a 1,531.39 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Curt Begle bought 23,786 shares of the stock in a transaction on Tuesday, February 11th. The stock was purchased at an average price of $21.08 per share, with a total value of $501,408.88. Following the completion of 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 position. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MAGN shares. Vertical Research began coverage on shares of 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 boosted their price target on Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, February 7th.

Magnera Trading Down 3.4 %

Shares of MAGN stock traded down $0.52 on Friday, reaching $14.56. The company's stock had a trading volume of 488,149 shares, compared to its average volume of 493,553. The stock's fifty day simple moving average is $18.66. Magnera Corp has a 1 year low of $13.11 and a 1 year 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 capitalization of $515.42 million, a P/E ratio of -0.79 and a beta of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($1.69) earnings per share 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 prior year, the firm earned ($0.25) EPS.

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.