Rangeley Capital LLC Makes New Investment in Magnera Corp (NYSE:MAGN)

Rangeley Capital LLC bought a new stake in Magnera Corp (NYSE:MAGN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,500 shares of the company’s stock, valued at approximately $282,000. Rangeley Capital LLC owned 0.44% of Magnera as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MAGN. Vanguard Group Inc. acquired a new stake in Magnera in the 4th quarter worth about $52,408,000. Loomis Sayles & Co. L P acquired a new stake in shares of Magnera in the fourth quarter worth approximately $10,969,000. Geode Capital Management LLC purchased a new stake in shares of Magnera during the fourth quarter worth approximately $6,491,000. Tocqueville Asset Management L.P. acquired a new position in Magnera in the 4th quarter valued at $1,908,000. Finally, Norges Bank purchased a new position in Magnera in the 4th quarter valued at $1,763,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Insider Buying and Selling

In related news, CEO Curt Begle bought 23,786 shares of the stock in a transaction dated Tuesday, February 11th. The stock was acquired at an average price of $21.08 per share, for a total transaction of $501,408.88. Following the acquisition, the chief executive officer now owns 24,066 shares in the company, valued at approximately $507,311.28. This represents a 8,495.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Carl J. Rickertsen bought 20,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were purchased at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the transaction, the director now directly owns 21,306 shares of the company’s stock, valued at approximately $433,150.98. This represents a 1,531.39 % increase in their position. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MAGN has been the subject of several research reports. 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 objective for the company. Wells Fargo & Company upped their target price on Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, February 7th.

Magnera Price Performance

NYSE:MAGN opened at $18.52 on Thursday. The company has a 50-day moving average price of $19.78. Magnera Corp has a 1-year low of $15.80 and a 1-year high of $26.78. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The firm has a market cap of $655.61 million, a price-to-earnings ratio of -1.01 and a beta of 1.76.

Magnera (NYSE:MAGN) last released its quarterly earnings data on Thursday, February 6th. The company reported ($1.69) EPS for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. During the same period last year, the firm earned ($0.25) earnings per share.

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.