KLP Kapitalforvaltning AS Makes New Investment in Magnera Corp (NYSE:MAGN)

KLP Kapitalforvaltning AS acquired a new position in Magnera Corp (NYSE:MAGN) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,355 shares of the company’s stock, valued at approximately $115,000. KLP Kapitalforvaltning AS owned 0.18% of Magnera as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MAGN. Tocqueville Asset Management L.P. bought a new position in Magnera in the 4th quarter worth approximately $1,908,000. Swiss National Bank acquired a new position in Magnera during the fourth quarter worth about $1,267,000. Charles Schwab Investment Management Inc. bought a new stake in Magnera in the fourth quarter worth about $1,180,000. Carlson Capital L.P. acquired a new stake in Magnera during the fourth quarter valued at approximately $954,000. Finally, Catalyst Funds Management Pty Ltd lifted its position in shares of Magnera by 233.4% during the 4th quarter. Catalyst Funds Management Pty Ltd now owns 37,669 shares of the company’s stock valued at $684,000 after acquiring an additional 26,369 shares during the last quarter. 76.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, CEO Curt Begle acquired 23,786 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was acquired at an average cost of $21.08 per share, with a total value of $501,408.88. Following the completion of the purchase, the chief executive officer now directly owns 24,066 shares in the company, valued at approximately $507,311.28. This trade represents a 8,495.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl J. Rickertsen bought 20,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were bought at an average price of $20.33 per share, with a total value of $406,600.00. Following the completion of the transaction, the director now directly owns 21,306 shares in the company, valued at approximately $433,150.98. This trade represents a 1,531.39 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.26% of the company’s stock.

Magnera Stock Performance

Shares of MAGN stock opened at $16.20 on Thursday. 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 has a fifty day simple moving average of $19.35. The firm has a market cap of $573.48 million, a PE ratio of -0.88 and a beta of 1.76. Magnera Corp has a 52-week low of $13.11 and a 52-week high of $26.78.

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 return on equity of 10.62% and a negative net margin of 6.97%. During the same period in the prior year, the business earned ($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.