Norges Bank Buys Shares of 97,019 Magnera Corp (NYSE:MAGN)

Norges Bank bought a new position in shares of Magnera Corp (NYSE:MAGN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 97,019 shares of the company’s stock, valued at approximately $1,763,000. Norges Bank owned about 2.77% of Magnera at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Ballentine Partners LLC bought a new position in shares of Magnera during the 4th quarter valued at about $295,000. KBC Group NV acquired a new stake in Magnera during the 4th quarter worth approximately $51,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Magnera in the fourth quarter valued at approximately $101,000. State of Alaska Department of Revenue bought a new position in Magnera in the fourth quarter valued at approximately $48,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Magnera in the fourth quarter valued at approximately $26,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Magnera Trading Down 0.1 %

Shares of MAGN opened at $15.08 on Friday. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52. Magnera Corp has a 12 month low of $13.11 and a 12 month high of $26.78. The stock’s fifty day simple moving average is $19.20. The firm has a market capitalization of $533.83 million, a PE ratio of -0.82 and a beta of 1.76.

Magnera (NYSE:MAGN) last issued its quarterly earnings results 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) EPS.

Insider Activity at Magnera

In other Magnera news, Director Carl J. Rickertsen purchased 20,000 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $20.33 per share, with a total value of $406,600.00. Following the acquisition, the director now directly owns 21,306 shares of the company’s stock, valued at $433,150.98. This trade represents a 1,531.39 % increase in their position. The transaction was disclosed in a document filed with the SEC, 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 shares were bought at an average cost of $21.08 per share, with a total value of $501,408.88. Following the completion of the transaction, the chief executive officer now owns 24,066 shares of the company’s stock, 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 owned by company insiders.

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.