Norges Bank Makes New Investment in Magnera Corp (NYSE:MAGN)

Norges Bank acquired a new stake in shares of Magnera Corp (NYSE:MAGN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 97,019 shares of the company's stock, valued at approximately $1,763,000. Norges Bank owned approximately 2.77% of Magnera as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Loomis Sayles & Co. L P bought a new position in Magnera in the 4th quarter valued at $10,969,000. JPMorgan Chase & Co. purchased a new position in Magnera during the 4th quarter valued at about $1,629,000. Vanguard Group Inc. bought a new position in Magnera in the 4th quarter valued at $52,408,000. KLP Kapitalforvaltning AS bought a new position in Magnera in the 4th quarter worth about $115,000. Finally, Teacher Retirement System of Texas bought a new stake in Magnera during the fourth quarter valued at approximately $193,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on MAGN shares. Vertical Research started coverage on shares of Magnera in a report on Wednesday, March 19th. They set a "hold" rating and a $21.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of Magnera from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, February 7th.

Magnera Stock Performance

Shares of NYSE MAGN traded down $0.25 during midday trading on Thursday, hitting $14.83. 33,435 shares of the company's stock traded hands, compared to its average volume of 487,167. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.45 and a quick ratio of 1.52. Magnera Corp has a 1 year low of $13.11 and a 1 year high of $26.78. The stock has a market capitalization of $524.98 million, a PE ratio of -0.81 and a beta of 1.76. The company has a fifty day moving average price of $18.91.

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

Insider Buying and Selling

In other Magnera news, CEO Curt Begle purchased 23,786 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The shares were bought at an average price of $21.08 per share, for a total transaction of $501,408.88. Following the acquisition, the chief executive officer now owns 24,066 shares in the company, valued at $507,311.28. This represents a 8,495.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carl J. Rickertsen acquired 20,000 shares of the firm's stock in a transaction on 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 transaction, the director now owns 21,306 shares of the company's stock, valued at approximately $433,150.98. This trade represents a 1,531.39 % increase in their position. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by company insiders.

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.