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

Cannell & Spears LLC acquired a new position in Magnera Corp (NYSE:MAGN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 79,332 shares of the company’s stock, valued at approximately $1,441,000. Cannell & Spears LLC owned 2.27% of Magnera as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Magnera in the fourth quarter worth $26,000. Vestcor Inc acquired a new stake in Magnera during the 4th quarter worth about $46,000. State of Alaska Department of Revenue acquired a new position in shares of Magnera in the 4th quarter valued at about $48,000. KBC Group NV purchased a new stake in shares of Magnera in the fourth quarter worth approximately $51,000. Finally, Rhumbline Advisers acquired a new stake in shares of Magnera during the fourth quarter worth approximately $55,000. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on MAGN shares. Wells Fargo & Company upped their price objective on shares of Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Vertical Research initiated coverage on shares of Magnera in a research note on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price target on the stock.

Insider Buying and Selling at Magnera

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

Magnera Stock Performance

Shares of NYSE MAGN opened at $18.21 on Tuesday. The company has a market cap of $644.63 million, a PE ratio of -0.99 and a beta of 1.66. The firm has a 50 day moving average price of $19.76. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. Magnera Corp has a 52 week low of $15.80 and a 52 week high of $26.78.

Magnera (NYSE:MAGN) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) 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 quarter last year, the business posted ($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.