Bank of New York Mellon Corp Takes $376,000 Position in Magnera Corp (NYSE:MAGN)

Bank of New York Mellon Corp bought a new stake in Magnera Corp (NYSE:MAGN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,716 shares of the company's stock, valued at approximately $376,000. Bank of New York Mellon Corp owned approximately 0.59% of Magnera as of its most recent SEC filing.

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

Magnera Stock Performance

NYSE MAGN traded up $0.35 on Wednesday, hitting $18.52. 266,704 shares of the stock traded hands, compared to its average volume of 471,743. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52. The stock's fifty day simple moving average is $19.78. Magnera Corp has a 12 month low of $15.80 and a 12 month high of $26.78. The company has a market cap of $655.61 million, a price-to-earnings ratio of -1.01 and a beta of 1.76.

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Magnera (NYSE:MAGN - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) earnings per share for the quarter. Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. During the same period in the prior year, the company posted ($0.25) EPS.

Insider Activity

In related news, Director Carl J. Rickertsen bought 20,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $20.33 per share, with a total value of $406,600.00. Following the purchase, the director now owns 21,306 shares in the company, valued at approximately $433,150.98. The trade was a 1,531.39 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Curt Begle bought 23,786 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The shares were bought at an average price of $21.08 per share, with a total value of $501,408.88. Following the completion of 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.26% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. 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. 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 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.