Bank of New York Mellon Corp Takes $1.50 Million Position in Magnera Corporation $MAGN

Bank of New York Mellon Corp bought a new stake in shares of Magnera Corporation (NYSE:MAGN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 127,705 shares of the company's stock, valued at approximately $1,501,000. Bank of New York Mellon Corp owned 0.36% of Magnera at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brown Advisory Inc. grew its holdings in shares of Magnera by 3.6% in the second quarter. Brown Advisory Inc. now owns 25,136 shares of the company's stock valued at $304,000 after purchasing an additional 869 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Magnera by 106.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,978 shares of the company's stock worth $30,000 after acquiring an additional 1,021 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in shares of Magnera by 2.0% in the second quarter. Bridgeway Capital Management LLC now owns 62,162 shares of the company's stock worth $751,000 after acquiring an additional 1,196 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Magnera by 92.7% during the second quarter. BNP Paribas Financial Markets now owns 3,102 shares of the company's stock worth $37,000 after acquiring an additional 1,492 shares during the period. Finally, Quadrant Capital Group LLC increased its position in shares of Magnera by 702.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,862 shares of the company's stock worth $28,000 after acquiring an additional 1,630 shares during the period. 76.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MAGN shares. Weiss Ratings restated a "sell (d+)" rating on shares of Magnera in a report on Thursday, August 27th. Wall Street Zen upgraded Magnera from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, Wells Fargo & Company boosted their price objective on Magnera from $13.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $16.00.

Magnera Stock Performance

NYSE:MAGN opened at $11.62 on Thursday. Magnera Corporation has a 12 month low of $7.82 and a 12 month high of $15.52. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.45 and a quick ratio of 1.57. The firm has a market capitalization of $415.82 million, a PE ratio of -5.78 and a beta of 1.73. The business's fifty day moving average price is $12.82 and its 200 day moving average price is $11.67.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.56) earnings per share (EPS) for the quarter. The business had revenue of $857.00 million for the quarter. Magnera had a negative return on equity of 10.77% and a negative net margin of 3.41%.

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.

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