Swiss National Bank Buys New Shares in Magnera Corp (NYSE:MAGN)

Swiss National Bank purchased a new stake in shares of Magnera Corp (NYSE:MAGN) in the 4th quarter, Holdings Channel reports. The fund purchased 69,731 shares of the company’s stock, valued at approximately $1,267,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Magnera in the 4th quarter valued at approximately $26,000. State of Alaska Department of Revenue bought a new stake in Magnera during the fourth quarter worth $48,000. KBC Group NV bought a new stake in Magnera during the fourth quarter worth $51,000. Rhumbline Advisers acquired a new stake in Magnera in the fourth quarter valued at $55,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of Magnera in the 4th quarter valued at about $84,000. 76.92% of the stock is currently owned by institutional investors.

Insider Transactions at Magnera

In other news, Director Carl J. Rickertsen acquired 20,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were purchased at an average cost of $20.33 per share, with a total value of $406,600.00. Following the acquisition, the director now directly owns 21,306 shares in the company, valued at $433,150.98. This represents a 1,531.39 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Curt Begle acquired 23,786 shares of the stock in a transaction on Tuesday, February 11th. The shares were purchased at an average price of $21.08 per share, for a total transaction of $501,408.88. Following the transaction, 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. Corporate insiders own 2.26% of the company’s stock.

Magnera Price Performance

MAGN stock opened at $18.33 on Friday. Magnera Corp has a one year low of $15.80 and a one year high of $26.78. The company has a market capitalization of $648.88 million, a PE ratio of -1.00 and a beta of 1.66. The stock’s fifty day moving average is $19.75. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45.

Magnera (NYSE:MAGN) last announced its earnings results on Thursday, February 6th. The company reported ($1.69) EPS 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 company posted ($0.25) EPS.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MAGN. Vertical Research assumed coverage on shares of Magnera in a report on Wednesday, March 19th. They issued a “hold” rating and a $21.00 target price on the stock. Wells Fargo & Company upped their price objective on Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, February 7th.

Magnera 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.