Traders Buy Large Volume of Put Options on Magnera (NYSE:MAGN)

Magnera Corp (NYSE:MAGN) saw unusually large options trading on Tuesday. Stock investors purchased 2,116 put options on the company. This represents an increase of 1,274% compared to the average daily volume of 154 put options.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MAGN shares. Vertical Research started coverage on shares of Magnera in a report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price objective for the company. Wells Fargo & Company boosted their price objective on Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, February 7th.

Insider Transactions at Magnera

In related news, Director Carl J. Rickertsen purchased 20,000 shares of the firm’s stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Curt Begle acquired 23,786 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were bought at an average cost of $21.08 per share, for a total transaction of $501,408.88. Following the transaction, the chief executive officer now directly owns 24,066 shares in the company, valued at approximately $507,311.28. This represents a 8,495.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Ballentine Partners LLC purchased a new stake in Magnera during the 4th quarter valued at about $295,000. KBC Group NV purchased a new stake in Magnera during the 4th quarter valued at $51,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Magnera in the fourth quarter valued at about $101,000. State of Alaska Department of Revenue purchased a new position in shares of Magnera in the fourth quarter valued at about $48,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Magnera during the fourth quarter worth about $26,000. 76.92% of the stock is owned by institutional investors.

Magnera Stock Up 1.9 %

Shares of MAGN stock opened at $18.52 on Thursday. The company has a market capitalization of $655.61 million, a price-to-earnings ratio of -1.01 and a beta of 1.76. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. Magnera has a 12-month low of $15.80 and a 12-month high of $26.78. The business’s 50-day moving average price is $19.78.

Magnera (NYSE:MAGN) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($1.69) earnings per share 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 in the prior year, the business earned ($0.25) earnings per share.

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.