Vanguard Group Inc. Takes Position in Magnera Corp (NYSE:MAGN)

Vanguard Group Inc. purchased a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,884,290 shares of the company's stock, valued at approximately $52,408,000. Vanguard Group Inc. owned about 82.41% of Magnera at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new stake in shares of Magnera during the 4th quarter worth approximately $26,000. Vestcor Inc purchased a new stake in Magnera in the fourth quarter worth $46,000. State of Alaska Department of Revenue bought a new stake in shares of Magnera in the fourth quarter valued at $48,000. KBC Group NV bought a new stake in shares of Magnera in the fourth quarter valued at $51,000. Finally, Rhumbline Advisers purchased a new position in shares of Magnera during the 4th quarter valued at $55,000. 76.92% of the stock is currently owned by institutional investors.

Magnera Price Performance

Shares of NYSE:MAGN traded down $0.11 during trading on Tuesday, hitting $15.15. 176,199 shares of the company were exchanged, compared to its average volume of 497,641. The firm has a market cap of $536.31 million, a P/E ratio of -0.83 and a beta of 1.76. Magnera Corp has a 52-week low of $13.11 and a 52-week high of $26.78. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. The firm's 50 day moving average is $19.12.

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 return on equity of 10.62% and a negative net margin of 6.97%. During the same period in the previous year, the firm posted ($0.25) EPS.

Remove Ads

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MAGN. Wells Fargo & Company boosted 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 assumed coverage on shares of Magnera in a research report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 price target on the stock.

Insider Transactions at Magnera

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

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.