Wells Fargo & Company MN Acquires Shares of 8,455 Magnera Corp (NYSE:MAGN)

Wells Fargo & Company MN bought a new position in shares of Magnera Corp (NYSE:MAGN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 8,455 shares of the company’s stock, valued at approximately $154,000. Wells Fargo & Company MN owned approximately 0.24% of Magnera as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. ExodusPoint Capital Management LP acquired a new stake in Magnera during the fourth quarter worth approximately $201,000. Rangeley Capital LLC acquired a new stake in shares of Magnera during the 4th quarter worth $282,000. Trexquant Investment LP bought a new position in shares of Magnera in the fourth quarter worth $476,000. Geode Capital Management LLC acquired a new position in Magnera in the fourth quarter valued at about $6,491,000. Finally, National Bank of Canada FI bought a new position in Magnera in the 4th quarter valued at about $52,000. Institutional investors own 76.92% of the company’s stock.

Magnera Trading Up 3.1 %

MAGN stock opened at $14.19 on Friday. The business has a 50-day moving average of $16.52. Magnera Corp has a 12 month low of $12.20 and a 12 month high of $26.78. 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 company has a market capitalization of $502.33 million, a PE ratio of -0.77 and a beta of 1.76.

Magnera (NYSE:MAGN) last issued its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. The company had revenue of $824.00 million during the quarter. The company’s revenue for the quarter was up 47.7% on a year-over-year basis.

Analysts Set New Price Targets

MAGN has been the subject of a number of recent analyst reports. Vertical Research began coverage on shares of Magnera in a report on Wednesday, March 19th. They set a “hold” rating and a $21.00 price target for the company. Wells Fargo & Company upped their target price on Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th.

Insider Buying and Selling

In related news, CEO Curt Begle bought 20,275 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was acquired at an average cost of $14.01 per share, with a total value of $284,052.75. Following the transaction, the chief executive officer now directly owns 44,341 shares in the company, valued at approximately $621,217.41. This trade represents a 84.25 % increase in their ownership of the stock. The transaction 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 business’s stock in a transaction 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 completion of the acquisition, 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 have bought 64,061 shares of company stock worth $1,192,062 in the last 90 days. Insiders own 2.26% of the company’s stock.

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.