Magnera Sees Unusually High Options Volume (NYSE:MAGN)

Magnera Corp (NYSE:MAGN) was the target of some unusual options trading on Tuesday. Stock traders bought 2,116 put options on the company. This is an increase of 1,274% compared to the average daily volume of 154 put options.

Insider Activity at Magnera

In other Magnera news, Director Carl J. Rickertsen purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the acquisition, the director now owns 21,306 shares of the company’s stock, valued at $433,150.98. The trade was a 1,531.39 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Curt Begle acquired 23,786 shares of Magnera stock in a transaction on Tuesday, February 11th. The stock was acquired at an average price of $21.08 per share, with a total value of $501,408.88. Following the purchase, the chief executive officer now directly owns 24,066 shares in the company, valued at approximately $507,311.28. This trade 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 currently owned by insiders.

Institutional Investors Weigh In On Magnera

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers purchased a new position in shares of Magnera in the fourth quarter valued at $55,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Magnera during the 4th quarter valued at about $101,000. Ballentine Partners LLC bought a new stake in shares of Magnera during the fourth quarter valued at about $295,000. Bank of New York Mellon Corp purchased a new stake in shares of Magnera in the fourth quarter worth about $376,000. Finally, State of Alaska Department of Revenue bought a new position in shares of Magnera in the fourth quarter valued at approximately $48,000. Institutional investors own 76.92% of the company’s stock.

Analyst Ratings Changes

MAGN has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price objective on shares of Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Vertical Research initiated coverage on shares of Magnera in a research note on Wednesday, March 19th. They set a “hold” rating and a $21.00 price target for the company.

Magnera Trading Up 0.4 %

Shares of MAGN stock traded up $0.08 on Tuesday, hitting $18.24. 207,897 shares of the stock were exchanged, compared to its average volume of 473,474. Magnera has a one year low of $15.80 and a one year high of $26.78. The firm has a 50 day moving average price of $19.76. The company has a market capitalization of $645.70 million, a price-to-earnings ratio of -0.99 and a beta of 1.66. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80.

Magnera (NYSE:MAGN) last issued its earnings results 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 posted ($0.25) EPS.

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.