29,913 Shares in Magnera Corp (NYSE:MAGN) Purchased by Legal & General Group Plc

Legal & General Group Plc purchased a new position in Magnera Corp (NYSE:MAGN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,913 shares of the company's stock, valued at approximately $544,000. Legal & General Group Plc owned 0.85% of Magnera at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ballentine Partners LLC bought a new stake in Magnera during the 4th quarter valued at approximately $295,000. KBC Group NV bought a new stake in shares of Magnera during the fourth quarter valued at approximately $51,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Magnera in the fourth quarter worth $101,000. State of Alaska Department of Revenue bought a new position in shares of Magnera during the fourth quarter worth $48,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Magnera during the fourth quarter valued at $26,000. 76.92% of the stock is owned by hedge funds and other institutional investors.

Magnera Stock Performance

MAGN stock traded up $0.68 during trading on Friday, hitting $15.26. 324,353 shares of the company's stock traded hands, compared to its average volume of 487,374. The firm has a fifty day simple moving average of $17.11. Magnera Corp has a 52 week low of $13.07 and a 52 week 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 firm has a market capitalization of $540.20 million, a PE ratio of -0.83 and a beta of 1.76.

Magnera (NYSE:MAGN - Get Free Report) last issued its quarterly earnings data 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 in the prior year, the firm earned ($0.25) EPS.

Analyst Ratings Changes

Several analysts have commented on MAGN shares. Vertical Research initiated coverage on shares of Magnera in a research note on Wednesday, March 19th. They issued a "hold" rating and a $21.00 price target on the stock. Wells Fargo & Company lifted 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.

Insider Buying and Selling

In related news, Director Carl J. Rickertsen purchased 20,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was purchased at an average price of $20.33 per share, with a total value 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. The trade was a 1,531.39 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Curt Begle acquired 23,786 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was purchased at an average cost of $21.08 per share, for a total transaction of $501,408.88. Following the purchase, the chief executive officer now owns 24,066 shares of the company's stock, valued at $507,311.28. This represents a 8,495.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.26% of the stock is owned by corporate insiders.

Magnera 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.