Geode Capital Management LLC Buys 410,303 Shares of Magnera Corporation $MAGN

Geode Capital Management LLC lifted its stake in Magnera Corporation (NYSE:MAGN) by 110.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 783,413 shares of the company’s stock after acquiring an additional 410,303 shares during the quarter. Geode Capital Management LLC’s holdings in Magnera were worth $9,465,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Magnera by 11,193.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,694 shares of the company’s stock valued at $31,000 after purchasing an additional 1,679 shares in the last quarter. FNY Investment Advisers LLC raised its stake in shares of Magnera by 88.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 4,400 shares of the company’s stock worth $53,000 after purchasing an additional 2,060 shares in the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Magnera in the 2nd quarter valued at approximately $121,000. Quantbot Technologies LP acquired a new stake in shares of Magnera in the 1st quarter valued at approximately $136,000. Finally, State of Wyoming bought a new position in shares of Magnera in the first quarter valued at $172,000. 76.92% of the stock is owned by institutional investors and hedge funds.

Magnera Price Performance

Magnera stock opened at $13.90 on Friday. The company has a market capitalization of $494.66 million, a price-to-earnings ratio of -1.82 and a beta of 1.71. The company has a current ratio of 2.37, a quick ratio of 1.58 and a debt-to-equity ratio of 1.83. Magnera Corporation has a 12 month low of $7.82 and a 12 month high of $23.19. The stock’s 50 day moving average is $10.49 and its 200-day moving average is $11.82.

Magnera (NYSE:MAGN) last released its quarterly earnings results on Thursday, February 10th. The company reported $0.22 earnings per share (EPS) for the quarter. Magnera had a negative return on equity of 14.47% and a negative net margin of 4.96%.The business had revenue of $235.28 million during the quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MAGN shares. Wall Street Zen raised shares of Magnera from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Magnera in a report on Tuesday. Vertical Research upgraded shares of Magnera from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Thursday, November 20th. Finally, Wells Fargo & Company raised Magnera from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $12.00 to $16.00 in a research report on Monday, November 24th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.50.

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.