Tocqueville Asset Management L.P. Makes New $1.91 Million Investment in Magnera Corp (NYSE:MAGN)

Tocqueville Asset Management L.P. bought a new position in Magnera Corp (NYSE:MAGN) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 105,000 shares of the company’s stock, valued at approximately $1,908,000. Tocqueville Asset Management L.P. owned approximately 3.00% of Magnera as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Catalyst Funds Management Pty Ltd increased its stake in shares of Magnera by 233.4% in the 4th quarter. Catalyst Funds Management Pty Ltd now owns 37,669 shares of the company’s stock worth $684,000 after acquiring an additional 26,369 shares in the last quarter. Vestcor Inc bought a new position in shares of Magnera during the fourth quarter valued at approximately $46,000. Swiss National Bank purchased a new position in shares of Magnera during the fourth quarter valued at approximately $1,267,000. PNC Financial Services Group Inc. bought a new stake in shares of Magnera in the 4th quarter worth approximately $84,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of Magnera in the 4th quarter worth approximately $1,180,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Insider Activity at Magnera

In related news, CEO Curt Begle bought 23,786 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was acquired 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 in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Also, Director Carl J. Rickertsen purchased 20,000 shares of the stock in a transaction dated 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 acquisition, the director now directly owns 21,306 shares in the company, valued at approximately $433,150.98. This trade represents a 1,531.39 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.26% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Vertical Research began coverage on Magnera in a research note on Wednesday. They set a “hold” rating and a $21.00 price objective for the company. Wells Fargo & Company lifted their price target on Magnera from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th.

Magnera Stock Down 0.6 %

NYSE:MAGN opened at $19.19 on Thursday. The stock has a market capitalization of $679.33 million, a PE ratio of -1.05 and a beta of 1.66. The company has a current ratio of 2.45, a quick ratio of 1.52 and a debt-to-equity ratio of 1.80. The firm’s 50 day moving average price is $19.82. Magnera Corp has a 52 week low of $15.80 and a 52 week high of $26.78.

Magnera (NYSE:MAGN) last issued its 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 in the previous year, the company earned ($0.25) EPS.

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.