Vanguard Group Inc. Purchases New Holdings in Magnera Corp (NYSE:MAGN)

Vanguard Group Inc. acquired a new position in Magnera Corp (NYSE:MAGN) in the 4th quarter, HoldingsChannel reports. The fund acquired 2,884,290 shares of the company’s stock, valued at approximately $52,408,000. Vanguard Group Inc. owned 0.82% of Magnera as of its most recent SEC filing.

Several other large investors have also modified their holdings of MAGN. Wilmington Savings Fund Society FSB purchased a new stake in shares of Magnera in the fourth quarter worth approximately $26,000. Vestcor Inc bought a new position in Magnera in the 4th quarter valued at $46,000. State of Alaska Department of Revenue purchased a new stake in Magnera in the fourth quarter worth $48,000. KBC Group NV bought a new stake in shares of Magnera during the fourth quarter worth $51,000. Finally, Rhumbline Advisers purchased a new stake in shares of Magnera during the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Insider Activity

In other news, CEO Curt Begle bought 23,786 shares of Magnera stock in a transaction on Tuesday, February 11th. The stock was acquired at an average cost of $21.08 per share, for a total transaction of $501,408.88. Following the completion of the acquisition, 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 position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carl J. Rickertsen purchased 20,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was purchased at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the acquisition, the director now directly owns 21,306 shares in the company, 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. Insiders own 2.26% of the company’s stock.

Magnera Trading Down 0.1 %

Shares of MAGN stock opened at $15.08 on Friday. The stock has a market cap of $533.83 million, a PE ratio of -0.82 and a beta of 1.76. 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 Corp has a twelve month low of $13.11 and a twelve month high of $26.78. The stock has a fifty day moving average price of $19.20.

Magnera (NYSE:MAGN) last issued its earnings results on Thursday, February 6th. The company reported ($1.69) earnings per share (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 firm earned ($0.25) EPS.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Vertical Research began coverage on shares of Magnera in a research note on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price target on the stock. Wells Fargo & Company raised their target price on shares of Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th.

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.