Oppenheimer Asset Management Inc. Invests $427,000 in Magnera Corp (NYSE:MAGN)

Oppenheimer Asset Management Inc. acquired a new position in shares of Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 23,493 shares of the company's stock, valued at approximately $427,000. Oppenheimer Asset Management Inc. owned about 0.67% of Magnera at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Wilmington Savings Fund Society FSB acquired a new position in shares of Magnera during the 4th quarter worth about $26,000. State of Alaska Department of Revenue acquired a new position in shares of Magnera during the 4th quarter worth about $48,000. KBC Group NV acquired a new position in shares of Magnera during the 4th quarter worth about $51,000. Rhumbline Advisers acquired a new position in shares of Magnera during the 4th quarter worth about $55,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Magnera during the 4th quarter worth about $101,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company upped their target price on shares of Magnera from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Friday, February 7th.

Magnera Stock Up 1.7 %

Shares of MAGN stock traded up $0.34 on Friday, reaching $20.16. The stock had a trading volume of 385,072 shares, compared to its average volume of 514,077. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. The stock has a market cap of $713.66 million, a price-to-earnings ratio of -1.10 and a beta of 1.66. Magnera Corp has a 12 month low of $15.80 and a 12 month high of $29.77.

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Magnera (NYSE:MAGN - Get Free Report) 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 net margin of 6.97% and a negative return on equity of 10.62%. During the same quarter in the prior year, the firm earned ($0.25) earnings per share.

Insider Activity

In related news, CEO Curt Begle purchased 23,786 shares of the stock in a transaction on Tuesday, February 11th. The shares were purchased at an average cost of $21.08 per share, with a total value 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. The trade was a 8,495.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Carl J. Rickertsen purchased 20,000 shares of the stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the completion of the acquisition, the director now owns 21,306 shares in the company, valued at approximately $433,150.98. This trade represents a 1,531.39 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.26% of the stock is owned by insiders.

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.