SG Americas Securities LLC Purchases New Stake in Magnera Corporation (NYSE:MAGN)

SG Americas Securities LLC purchased a new stake in Magnera Corporation (NYSE:MAGN) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 17,688 shares of the company’s stock, valued at approximately $321,000.

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

Magnera Stock Performance

Magnera stock opened at $12.22 on Thursday. The business’s 50-day moving average price is $13.34. The company has a market capitalization of $435.03 million, a price-to-earnings ratio of -1.02 and a beta of 1.66. The company has a quick ratio of 1.54, a current ratio of 2.40 and a debt-to-equity ratio of 1.82. Magnera Corporation has a one year low of $11.43 and a one year high of $26.78.

Magnera (NYSE:MAGN) last announced its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). The company had revenue of $824.00 million during the quarter. Magnera had a negative net margin of 6.06% and a negative return on equity of 10.88%. Magnera’s revenue for the quarter was up 47.7% on a year-over-year basis.

Insider Activity at Magnera

In other Magnera news, Director Bruce Brown acquired 16,940 shares of Magnera stock in a transaction dated Thursday, May 29th. The stock was bought at an average price of $11.81 per share, for a total transaction of $200,061.40. Following the transaction, the director now owns 17,228 shares in the company, valued at approximately $203,462.68. This trade represents a 5,881.94% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Tom Salmon acquired 17,000 shares of Magnera stock in a transaction dated Wednesday, May 28th. The shares were acquired at an average price of $11.94 per share, with a total value of $202,980.00. Following the transaction, the director now owns 35,289 shares in the company, valued at approximately $421,350.66. This represents a 92.95% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 94,215 shares of company stock worth $1,263,094 in the last 90 days. Corporate insiders own 2.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MAGN. Vertical Research began coverage on shares of Magnera in a report on Wednesday, March 19th. They set a “hold” rating and a $21.00 target price on the stock. Wells Fargo & Company cut shares of Magnera from an “overweight” rating to a “reduce” rating in a report on Wednesday, May 14th.

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.