Rhumbline Advisers Lowers Stock Position in Magnera Corporation (NYSE:MAGN)

Rhumbline Advisers trimmed its stake in Magnera Corporation (NYSE:MAGN) by 50.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,512 shares of the company’s stock after selling 1,536 shares during the period. Rhumbline Advisers’ holdings in Magnera were worth $27,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Shell Asset Management Co. acquired a new stake in Magnera in the 4th quarter valued at approximately $41,000. Vestcor Inc purchased a new position in shares of Magnera during the fourth quarter worth $46,000. National Bank of Canada FI purchased a new position in shares of Magnera during the fourth quarter worth $52,000. Marshall Wace LLP grew its stake in shares of Magnera by 3.0% in the fourth quarter. Marshall Wace LLP now owns 107,230 shares of the company’s stock valued at $1,948,000 after buying an additional 3,161 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Magnera in the 4th quarter valued at $58,000. 76.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MAGN shares. Wells Fargo & Company lowered Magnera from an “overweight” rating to a “reduce” rating in a research note on Wednesday, May 14th. Vertical Research started coverage on shares of Magnera in a research report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price target on the stock.

Magnera Stock Up 3.9%

Magnera stock opened at $12.70 on Friday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.54 and a current ratio of 2.40. Magnera Corporation has a 52-week low of $11.43 and a 52-week high of $26.78. The firm has a market cap of $452.12 million, a price-to-earnings ratio of -1.06 and a beta of 1.66. The business’s 50 day simple moving average is $13.30.

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 10.88% and a negative net margin of 6.06%. The business’s revenue for the quarter was up 47.7% on a year-over-year basis.

Insiders Place Their Bets

In other news, Director Bruce Brown purchased 16,940 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The stock was bought at an average price of $11.81 per share, for a total transaction of $200,061.40. Following the completion of the purchase, the director now directly owns 17,228 shares of the company’s stock, valued at $203,462.68. The trade was a 5,881.94% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Curt Begle acquired 20,275 shares of the company’s stock in a transaction on Friday, May 9th. The stock was purchased at an average cost of $14.01 per share, for a total transaction of $284,052.75. Following the completion of the transaction, the chief executive officer now owns 44,341 shares in the company, valued at approximately $621,217.41. The trade was a 84.25% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 94,215 shares of company stock worth $1,263,094 in the last quarter. 2.26% of the stock is owned by company insiders.

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.