Geode Capital Management LLC Buys New Holdings in Magnera Corp (NYSE:MAGN)

Geode Capital Management LLC bought a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 357,067 shares of the company's stock, valued at approximately $6,491,000. Geode Capital Management LLC owned about 10.20% of Magnera at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. acquired a new position in shares of Magnera in the 4th quarter worth $52,408,000. Loomis Sayles & Co. L P acquired a new position in shares of Magnera in the fourth quarter worth about $10,969,000. Tocqueville Asset Management L.P. purchased a new position in shares of Magnera in the fourth quarter worth approximately $1,908,000. Norges Bank acquired a new stake in shares of Magnera during the fourth quarter valued at approximately $1,763,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Magnera in the 4th quarter valued at approximately $1,629,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Vertical Research assumed coverage on Magnera in a report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 target price for the company. Wells Fargo & Company increased their price objective on Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th.

Magnera Stock Up 1.5 %

Shares of Magnera stock traded up $0.22 on Thursday, hitting $14.89. 20,860 shares of the company traded hands, compared to its average volume of 486,957. Magnera Corp has a 12-month low of $13.07 and a 12-month high of $26.78. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. The company has a market cap of $527.11 million, a P/E ratio of -0.81 and a beta of 1.76. The stock's 50-day moving average is $17.34.

Magnera (NYSE:MAGN - Get Free Report) last issued its earnings results on Thursday, February 6th. The company reported ($1.69) earnings per share 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 last year, the business earned ($0.25) earnings per share.

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.