Vestcor Inc Invests $46,000 in Magnera Corp (NYSE:MAGN)

Vestcor Inc bought a new position in Magnera Corp (NYSE:MAGN) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 2,525 shares of the company’s stock, valued at approximately $46,000.

Other large investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Magnera in the fourth quarter worth about $26,000. State of Alaska Department of Revenue purchased a new position in Magnera during the fourth quarter valued at approximately $48,000. KBC Group NV purchased a new position in Magnera during the fourth quarter valued at approximately $51,000. Rhumbline Advisers purchased a new position in Magnera during the fourth quarter valued at approximately $55,000. Finally, PNC Financial Services Group Inc. purchased a new position in Magnera during the fourth quarter valued at approximately $84,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Analyst Ratings Changes

Separately, Wells Fargo & Company boosted their price objective on shares of Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, February 7th.

Magnera Trading Down 0.2 %

Shares of NYSE:MAGN opened at $19.31 on Wednesday. The company’s 50 day moving average price is $19.84. The stock has a market capitalization of $683.57 million, a PE ratio of -1.05 and a beta of 1.66. Magnera Corp has a 12 month low of $15.80 and a 12 month high of $26.78. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80.

Magnera (NYSE:MAGN) last released its quarterly earnings results on Thursday, February 6th. The company reported ($1.69) 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 quarter in the previous year, the firm posted ($0.25) earnings per share.

Insiders Place Their Bets

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

Magnera Company 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.