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

Bank of New York Mellon Corp acquired a new position in shares of Magnera Corp (NYSE:MAGN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 20,716 shares of the company’s stock, valued at approximately $376,000. Bank of New York Mellon Corp owned 0.59% of Magnera as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Rhumbline Advisers acquired a new stake in shares of Magnera in the fourth quarter valued at approximately $55,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Magnera in the 4th quarter valued at $101,000. Ballentine Partners LLC bought a new stake in shares of Magnera during the 4th quarter valued at $295,000. State of Alaska Department of Revenue acquired a new stake in shares of Magnera during the 4th quarter worth $48,000. Finally, South Dakota Investment Council bought a new position in shares of Magnera in the fourth quarter worth $172,000. Institutional investors and hedge funds own 76.92% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on MAGN. Wells Fargo & Company raised their target price on shares of Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Vertical Research initiated coverage on shares of Magnera in a research report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price objective for the company.

Insider Buying and Selling

In other Magnera news, CEO Curt Begle acquired 23,786 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were bought 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl J. Rickertsen bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the transaction, the director now owns 21,306 shares in the company, valued at $433,150.98. This 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 insiders.

Magnera Trading Down 3.6 %

MAGN stock opened at $18.33 on Friday. The company has a market capitalization of $648.88 million, a PE ratio of -1.00 and a beta of 1.66. 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 business has a 50-day moving average of $19.75. Magnera Corp has a 12 month low of $15.80 and a 12 month high of $26.78.

Magnera (NYSE:MAGN) last announced its quarterly earnings results 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 quarter last year, the company earned ($0.25) EPS.

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.