Millennium Management LLC Takes $16.30 Million Position in Magnera Corp (NYSE:MAGN)

Millennium Management LLC purchased a new stake in Magnera Corp (NYSE:MAGN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 897,044 shares of the company’s stock, valued at approximately $16,299,000. Millennium Management LLC owned 25.63% of Magnera as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rhumbline Advisers bought a new stake in shares of Magnera in the fourth quarter valued at approximately $55,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Magnera in the fourth quarter valued at approximately $101,000. Swiss National Bank bought a new stake in Magnera during the 4th quarter worth approximately $1,267,000. Ballentine Partners LLC bought a new stake in Magnera during the 4th quarter worth approximately $295,000. Finally, Tower Research Capital LLC TRC bought a new stake in Magnera during the 4th quarter worth approximately $165,000. Institutional investors own 76.92% of the company’s stock.

Analysts Set New Price Targets

MAGN has been the topic of a number of analyst reports. Vertical Research initiated 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 lowered shares of Magnera from an “overweight” rating to a “reduce” rating in a report on Wednesday, May 14th.

Insider Transactions at Magnera

In related news, Director Carl J. Rickertsen purchased 20,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were purchased at an average price of $20.33 per share, with a total value of $406,600.00. Following the acquisition, the director now directly owns 21,306 shares of the company’s stock, valued at approximately $433,150.98. This represents a 1,531.39% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Curt Begle purchased 20,275 shares of the firm’s stock in a transaction dated Friday, May 9th. The stock was bought at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the acquisition, the chief executive officer now directly owns 44,341 shares in the company, valued at approximately $621,217.41. The trade was a 84.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 80,275 shares of company stock valued at $1,266,653 in the last quarter. Insiders own 2.26% of the company’s stock.

Magnera Trading Down 5.2%

Magnera stock opened at $12.11 on Thursday. The business’s 50 day moving average price is $15.54. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The company has a market cap of $431.12 million, a price-to-earnings ratio of -0.66 and a beta of 1.76. Magnera Corp has a 1-year low of $12.04 and a 1-year high of $26.78.

Magnera (NYSE:MAGN) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($1.15) 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 return on equity of 10.62% and a negative net margin of 6.97%. The business’s revenue for the quarter was up 47.7% on a year-over-year basis.

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.