Magnera (NYSE:MAGN) Sets New 12-Month Low Following Weak Earnings

Magnera Corp (NYSE:MAGN) shares reached a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $12.20 and last traded at $12.47, with a volume of 2343311 shares traded. The stock had previously closed at $15.17.

The company reported ($1.15) EPS for the quarter, missing the consensus estimate of $0.20 by ($1.35). Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. The company’s revenue was up 47.7% compared to the same quarter last year.

Analyst Ratings Changes

MAGN has been the topic of a number of recent research reports. Wells Fargo & Company raised their target price on Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Vertical Research initiated coverage on Magnera in a research note on Wednesday, March 19th. They set a “hold” rating and a $21.00 price objective for the company.

Insider Activity at Magnera

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

Institutional Trading of Magnera

A number of large investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in Magnera in the fourth quarter worth $26,000. Shell Asset Management Co. bought a new stake in shares of Magnera in the 4th quarter valued at approximately $41,000. Vestcor Inc bought a new stake in Magnera in the fourth quarter worth $46,000. State of Alaska Department of Revenue bought a new stake in shares of Magnera in the 4th quarter worth about $48,000. Finally, KBC Group NV purchased a new stake in Magnera in the 4th quarter worth about $51,000. Institutional investors own 76.92% of the company’s stock.

Magnera Stock Down 17.8 %

The stock has a market capitalization of $441.44 million, a price-to-earnings ratio of -0.68 and a beta of 1.76. The business has a 50 day moving average price of $16.74. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45.

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.