Geode Capital Management LLC Invests $6.49 Million in Magnera Corp (NYSE:MAGN)

Geode Capital Management LLC purchased a new position in Magnera Corp (NYSE:MAGN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 357,067 shares of the company’s stock, valued at approximately $6,491,000. Geode Capital Management LLC owned approximately 10.20% of Magnera as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Magnera in the 4th quarter valued at about $26,000. Vestcor Inc bought a new stake in Magnera in the fourth quarter valued at about $46,000. State of Alaska Department of Revenue acquired a new stake in Magnera during the fourth quarter valued at approximately $48,000. KBC Group NV acquired a new stake in Magnera during the fourth quarter valued at approximately $51,000. Finally, National Bank of Canada FI bought a new position in Magnera during the 4th quarter worth approximately $52,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Analysts Set New Price Targets

MAGN has been the subject of a number of research analyst reports. Vertical Research assumed coverage on Magnera in a report on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price target for the company. Wells Fargo & Company boosted their target price 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 0.6 %

Shares of NYSE MAGN opened at $14.39 on Friday. The company has a market capitalization of $509.41 million, a PE ratio of -0.78 and a beta of 1.76. The stock has a 50-day simple moving average of $17.78. Magnera Corp has a 52-week low of $13.07 and a 52-week high of $26.78. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80.

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 period in the prior year, the company posted ($0.25) earnings per share.

Insider Activity

In other Magnera news, CEO Curt Begle purchased 23,786 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were bought at an average price of $21.08 per share, with a total value 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 stock was acquired at an average cost of $20.33 per share, with a total value of $406,600.00. Following the completion of the acquisition, the director now directly owns 21,306 shares in the company, valued at approximately $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. Corporate insiders own 2.26% of the company’s stock.

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.