JPMorgan Chase & Co. Takes Position in Magnera Corp (NYSE:MAGN)

JPMorgan Chase & Co. bought a new position in shares of Magnera Corp (NYSE:MAGN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 89,680 shares of the company's stock, valued at approximately $1,629,000. JPMorgan Chase & Co. owned approximately 2.56% of Magnera as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. acquired a new position in shares of Magnera during the 4th quarter worth about $52,408,000. Tocqueville Asset Management L.P. acquired a new position in shares of Magnera during the fourth quarter valued at approximately $1,908,000. Swiss National Bank purchased a new position in shares of Magnera in the fourth quarter valued at approximately $1,267,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Magnera in the fourth quarter worth approximately $1,180,000. Finally, Carlson Capital L.P. acquired a new stake in shares of Magnera in the fourth quarter worth approximately $954,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Magnera Stock Performance

Shares of NYSE MAGN traded up $0.22 during midday trading on Thursday, reaching $14.89. 20,860 shares of the stock were exchanged, compared to its average volume of 486,957. The stock has a market cap of $527.11 million, a PE ratio of -0.81 and a beta of 1.76. The company has a quick ratio of 1.52, a current ratio of 2.45 and a debt-to-equity ratio of 1.80. The firm has a 50 day moving average of $17.34. Magnera Corp has a twelve month low of $13.07 and a twelve month high of $26.78.

Magnera (NYSE:MAGN - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) EPS for the quarter. Magnera had a negative net margin of 6.97% and a negative return on equity of 10.62%. During the same period last year, the business posted ($0.25) earnings per share.

Insider Buying and Selling at Magnera

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MAGN. Vertical Research initiated coverage on Magnera in a report on Wednesday, March 19th. They issued a "hold" rating and a $21.00 price objective on the stock. Wells Fargo & Company raised their price target on shares of Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th.

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.