Norges Bank Makes New Investment in Magnera Corp (NYSE:MAGN)

Norges Bank purchased a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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 reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. bought a new position in Magnera in the 4th quarter valued at $52,408,000. Loomis Sayles & Co. L P bought a new position in Magnera in the fourth quarter valued at about $10,969,000. Tocqueville Asset Management L.P. acquired a new stake in Magnera in the fourth quarter worth about $1,908,000. JPMorgan Chase & Co. acquired a new stake in Magnera in the fourth quarter worth about $1,629,000. Finally, Swiss National Bank bought a new stake in Magnera during the 4th quarter worth about $1,267,000. Institutional investors and hedge funds own 76.92% of the company's stock.

Insider Buying and Selling

In related news, CEO Curt Begle acquired 23,786 shares of the stock in a transaction dated Tuesday, February 11th. The stock was bought at an average price of $21.08 per share, with a total value of $501,408.88. Following the completion of the transaction, the chief executive officer now directly owns 24,066 shares of the company's stock, valued at approximately $507,311.28. The trade was a 8,495.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl J. Rickertsen acquired 20,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The shares were bought 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 owns 21,306 shares of the company's stock, valued at $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 currently owned by company insiders.

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Analyst Ratings Changes

MAGN has been the topic of several recent research reports. Vertical Research initiated coverage on shares of Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price on the stock. Wells Fargo & Company raised their price objective on shares of Magnera from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Friday, February 7th.

Magnera Stock Performance

NYSE:MAGN traded down $0.34 during mid-day trading on Wednesday, hitting $14.82. The company had a trading volume of 87,965 shares, compared to its average volume of 491,895. The stock has a market capitalization of $524.63 million, a price-to-earnings ratio of -0.81 and a beta of 1.76. Magnera Corp has a fifty-two week low of $13.11 and a fifty-two week high of $26.78. The company has a fifty day moving average price of $19.02. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80.

Magnera (NYSE:MAGN - Get Free Report) last issued its quarterly earnings data 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 last year, the firm posted ($0.25) EPS.

Magnera Company 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.