Wells Fargo & Company MN Takes $154,000 Position in Magnera Corp (NYSE:MAGN)

Wells Fargo & Company MN bought a new position in shares of Magnera Corp (NYSE:MAGN) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,455 shares of the company’s stock, valued at approximately $154,000.

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

Magnera Price Performance

NYSE MAGN opened at $14.19 on Friday. The business has a fifty day moving average price of $16.52. The company has a market cap of $502.33 million, a price-to-earnings ratio of -0.77 and a beta of 1.76. 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 Corp has a 1 year low of $12.20 and a 1 year high of $26.78.

Magnera (NYSE:MAGN) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The firm had revenue of $824.00 million during the quarter. The firm’s quarterly revenue was up 47.7% compared to the same quarter last year.

Insider Activity

In related news, Director Carl J. Rickertsen bought 20,000 shares of Magnera stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $20.33 per share, with a total value 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. The trade was a 1,531.39 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Curt Begle purchased 23,786 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was bought at an average cost of $21.08 per share, for a total transaction of $501,408.88. Following the acquisition, the chief executive officer now directly owns 24,066 shares in the company, valued at $507,311.28. This trade represents a 8,495.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 64,061 shares of company stock valued at $1,192,062 over the last three months. Corporate insiders own 2.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MAGN shares. Wells Fargo & Company upped their target price 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 started coverage on Magnera in a research note on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price objective for the company.

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.