Ameriprise Financial Inc. Invests $6.03 Million in Magnera Corp (NYSE:MAGN)

Ameriprise Financial Inc. bought a new position in shares of Magnera Corp (NYSE:MAGN) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 331,685 shares of the company’s stock, valued at approximately $6,027,000. Ameriprise Financial Inc. owned 9.48% of Magnera at the end of the most recent quarter.

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

Insider Buying and Selling at Magnera

In other news, Director Carl J. Rickertsen bought 20,000 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $13.65 per share, for a total transaction of $273,000.00. Following the purchase, the director now owns 41,306 shares of the company’s stock, valued at approximately $563,826.90. The trade was a 93.87% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Curt Begle acquired 20,275 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were bought at an average price of $14.01 per share, for a total transaction of $284,052.75. Following the purchase, the chief executive officer now owns 44,341 shares in the company, valued at approximately $621,217.41. This represents a 84.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 80,275 shares of company stock worth $1,266,653. Corporate insiders own 2.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Vertical Research assumed coverage on Magnera in a report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price objective on the stock. Wells Fargo & Company cut Magnera from an “overweight” rating to a “reduce” rating in a report on Wednesday, May 14th.

Magnera Stock Performance

NYSE MAGN opened at $12.00 on Friday. The company has a market cap of $427.20 million, a PE ratio of -0.65 and a beta of 1.76. The company has a 50 day moving average price of $15.24. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52. Magnera Corp has a 52 week low of $11.58 and a 52 week high of $26.78.

Magnera (NYSE:MAGN) last released its earnings results on Wednesday, May 7th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate of $0.20 by ($1.35). The firm had revenue of $824.00 million during the quarter. 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% 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.