Insider Buying: Magnera Corp (NYSE:MAGN) CEO Purchases 23,786 Shares of Stock

Magnera Corp (NYSE:MAGN) CEO Curt Begle purchased 23,786 shares of the business’s stock in a transaction on 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 purchase, the chief executive officer now owns 24,066 shares of the company’s stock, valued at $507,311.28. This trade represents a 8,495.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Magnera Stock Up 4.2 %

Magnera stock traded up $0.90 during trading on Wednesday, reaching $22.47. 537,441 shares of the company’s stock were exchanged, compared to its average volume of 480,940. Magnera Corp has a 52-week low of $15.80 and a 52-week high of $31.07. The stock has a market cap of $78.65 million, a price-to-earnings ratio of -1.23 and a beta of 1.67. The company has a current ratio of 2.49, a quick ratio of 1.04 and a debt-to-equity ratio of 1.80.

Magnera (NYSE:MAGN) last announced its earnings results on Thursday, February 6th. The company reported ($1.69) earnings per share for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 22.40%. During the same quarter in the previous year, the company earned ($0.25) earnings per share.

Institutional Investors Weigh In On Magnera

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. bought a new position in Magnera in the fourth quarter worth about $52,408,000. Loomis Sayles & Co. L P acquired a new position in Magnera during the 4th quarter valued at approximately $10,969,000. Tocqueville Asset Management L.P. bought a new position in Magnera during the 4th quarter worth $1,908,000. Norges Bank acquired a new stake in Magnera in the fourth quarter worth $1,763,000. Finally, JPMorgan Chase & Co. bought a new stake in Magnera in the fourth quarter valued at $1,629,000. Institutional investors and hedge funds own 76.92% of the company’s stock.

Analysts Set New Price Targets

Separately, Wells Fargo & Company upped their price objective on Magnera from $22.00 to $24.00 and gave the stock 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.