Bank of America Corp DE Makes New Investment in Magnera Corp (NYSE:MAGN)

Bank of America Corp DE acquired a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 302,271 shares of the company's stock, valued at approximately $5,492,000. Bank of America Corp DE owned about 8.64% of Magnera as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MAGN. Rhumbline Advisers bought a new stake in shares of Magnera during the fourth quarter valued at about $55,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Magnera during the 4th quarter worth approximately $101,000. Swiss National Bank purchased a new stake in Magnera in the 4th quarter worth approximately $1,267,000. Tower Research Capital LLC TRC bought a new position in Magnera in the 4th quarter valued at $165,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Magnera during the 4th quarter valued at $376,000. Institutional investors own 76.92% of the company's stock.

Wall Street Analysts Forecast Growth

MAGN has been the subject of several recent analyst reports. Wells Fargo & Company cut Magnera from an "overweight" rating to a "reduce" rating in a research report on Wednesday, May 14th. Vertical Research assumed coverage on Magnera in a report on Wednesday, March 19th. They set a "hold" rating and a $21.00 price objective for the company.

Magnera Trading Up 1.6%

Shares of Magnera stock traded up $0.19 on Friday, hitting $12.00. 713,449 shares of the company traded hands, compared to its average volume of 549,955. Magnera Corp has a 12-month low of $11.43 and a 12-month high of $26.78. 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 company has a market capitalization of $427.20 million, a P/E ratio of -0.65 and a beta of 1.76. The company's 50-day simple moving average is $14.67.

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

Insider Buying and Selling

In other Magnera news, Director Tom Salmon purchased 17,000 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was acquired at an average cost of $11.94 per share, for a total transaction of $202,980.00. Following the completion of the transaction, the director now directly owns 35,289 shares in the company, valued at approximately $421,350.66. This represents a 92.95% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kevin Michael Fogarty acquired 20,000 shares of Magnera stock in a transaction dated Monday, May 12th. The shares were bought at an average cost of $15.15 per share, for a total transaction of $303,000.00. Following the completion of the purchase, the director now directly owns 31,538 shares of the company's stock, valued at approximately $477,800.70. The trade was a 173.34% increase in their position. The disclosure for this purchase can be found here. Insiders bought 94,215 shares of company stock worth $1,263,094 in the last quarter. 2.26% of the stock is owned by insiders.

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.