Bank of New York Mellon Corp Acquires Shares of 20,716 Magnera Corp (NYSE:MAGN)

Bank of New York Mellon Corp bought a new stake in Magnera Corp (NYSE:MAGN) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 20,716 shares of the company’s stock, valued at approximately $376,000.

Other institutional investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in Magnera in the fourth quarter worth $26,000. State of Alaska Department of Revenue bought a new position in shares of Magnera during the 4th quarter worth $48,000. KBC Group NV purchased a new stake in Magnera in the 4th quarter worth about $51,000. Rhumbline Advisers purchased a new stake in Magnera in the 4th quarter worth about $55,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Magnera in the 4th quarter valued at about $101,000. 76.92% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. 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 for the company. Wells Fargo & Company lifted 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 Down 3.6 %

MAGN stock opened at $18.33 on Friday. Magnera Corp has a twelve month low of $15.80 and a twelve month high of $26.78. The stock has a market cap of $648.88 million, a price-to-earnings ratio of -1.00 and a beta of 1.66. 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 firm’s 50-day moving average is $19.75.

Magnera (NYSE:MAGN) last released its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) 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 previous year, the business earned ($0.25) EPS.

Insider Activity at Magnera

In related news, CEO Curt Begle acquired 23,786 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average price of $21.08 per share, for a total transaction of $501,408.88. Following the completion of the acquisition, the chief executive officer now owns 24,066 shares in the company, valued at approximately $507,311.28. This represents a 8,495.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Carl J. Rickertsen purchased 20,000 shares of Magnera 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 transaction, the director now owns 21,306 shares in the company, valued at $433,150.98. The trade was 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.

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.