PNC Financial Services Group Inc. Makes New Investment in Magnera Corp (NYSE:MAGN)

PNC Financial Services Group Inc. purchased a new stake in Magnera Corp (NYSE:MAGN) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 4,606 shares of the company’s stock, valued at approximately $84,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. purchased a new stake in shares of Magnera during the fourth quarter worth approximately $1,180,000. Carlson Capital L.P. purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $954,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $427,000. Bank of New York Mellon Corp acquired a new stake in shares of Magnera in the 4th quarter valued at $376,000. Finally, Ballentine Partners LLC purchased a new stake in shares of Magnera during the 4th quarter worth $295,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Insider Buying and Selling at Magnera

In related news, CEO Curt Begle purchased 23,786 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was acquired at an average price 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 of the company’s stock, valued at $507,311.28. This trade represents a 8,495.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carl J. Rickertsen acquired 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average cost of $20.33 per share, for a total transaction of $406,600.00. Following the acquisition, the director now owns 21,306 shares of the company’s stock, valued at $433,150.98. This represents a 1,531.39 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.26% of the company’s stock.

Magnera Trading Down 2.0 %

Shares of NYSE:MAGN opened at $18.67 on Wednesday. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The business’s 50 day moving average is $19.74. The stock has a market cap of $660.92 million, a P/E ratio of -1.02 and a beta of 1.66. Magnera Corp has a twelve month low of $15.80 and a twelve month high of $26.78.

Magnera (NYSE:MAGN) 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 business posted ($0.25) EPS.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Vertical Research initiated coverage on Magnera in a report on Wednesday, March 19th. They issued a “hold” rating and a $21.00 target price on the stock. Wells Fargo & Company upped their price objective on Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th.

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.