Two Sigma Investments LP Acquires Shares of 32,596 Magnera Corp (NYSE:MAGN)

Two Sigma Investments LP acquired a new stake in Magnera Corp (NYSE:MAGN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 32,596 shares of the company’s stock, valued at approximately $592,000. Two Sigma Investments LP owned about 0.93% of Magnera at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Madison Avenue Partners LP purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $61,892,000. Vanguard Group Inc. purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $52,408,000. Engine Capital Management LP purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $42,851,000. Ancora Advisors LLC purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $30,047,000. Finally, Littlejohn & Co. LLC purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $25,591,000. Institutional investors and hedge funds own 76.92% of the company’s stock.

Insider Buying and Selling

In other Magnera news, CEO Curt Begle bought 20,275 shares of Magnera stock in a transaction on Friday, May 9th. The shares were 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 $621,217.41. This represents a 84.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kevin Michael Fogarty bought 20,000 shares of Magnera stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $15.15 per share, for a total transaction of $303,000.00. Following the completion of the acquisition, the director now owns 31,538 shares in the company, valued at $477,800.70. This represents a 173.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 94,215 shares of company stock valued at $1,263,094. Company insiders own 2.26% of the company’s stock.

Analyst Upgrades and Downgrades

MAGN has been the subject of several analyst reports. Wells Fargo & Company cut shares of Magnera from an “overweight” rating to a “reduce” rating in a research note on Wednesday, May 14th. Vertical Research initiated coverage on shares of Magnera in a research note on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price target for the company.

Magnera Stock Performance

NYSE:MAGN opened at $13.27 on Monday. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52. The stock has a market cap of $472.41 million, a PE ratio of -0.72 and a beta of 1.66. The business’s 50 day moving average is $13.95. Magnera Corp has a fifty-two week low of $11.43 and a fifty-two week high of $26.78.

Magnera (NYSE:MAGN) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). The company had revenue of $824.00 million for the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. Magnera’s revenue was up 47.7% on a year-over-year basis.

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.