Carl J. Rickertsen Purchases 20,000 Shares of Magnera Corp (NYSE:MAGN) Stock

Magnera Corp (NYSE:MAGN) Director Carl J. Rickertsen acquired 20,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost 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 approximately $433,150.98. This represents a 1,531.39 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnera Trading Up 2.6 %

Shares of NYSE MAGN traded up $0.53 during midday trading on Friday, hitting $20.81. The company’s stock had a trading volume of 191,849 shares, compared to its average volume of 511,261. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. The firm has a market cap of $736.67 million, a price-to-earnings ratio of -1.13 and a beta of 1.67. Magnera Corp has a 1 year low of $15.80 and a 1 year high of $29.77.

Magnera (NYSE:MAGN) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) EPS for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. During the same quarter in the previous year, the firm posted ($0.25) earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB purchased a new stake in Magnera during the 4th quarter worth about $26,000. Shell Asset Management Co. acquired a new position in shares of Magnera during the fourth quarter worth about $41,000. Vestcor Inc purchased a new stake in shares of Magnera during the fourth quarter worth approximately $46,000. State of Alaska Department of Revenue acquired a new stake in Magnera in the fourth quarter valued at approximately $48,000. Finally, KBC Group NV purchased a new position in Magnera in the fourth quarter worth approximately $51,000. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised their target price on Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, February 7th.

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.