Los Angeles Capital Management & Equity Research Inc. lowered its holdings in MGIC Investment Corp. (NYSE:MTG) by 8.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 703,265 shares of the insurance provider’s stock after selling 64,310 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned 0.20% of MGIC Investment worth $9,276,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of MTG. Bayview Asset Management LLC acquired a new position in MGIC Investment during the 4th quarter worth $78,592,000. Norges Bank purchased a new stake in MGIC Investment during the 4th quarter worth about $42,196,000. Shoals Capital Management LP purchased a new stake in MGIC Investment during the 4th quarter worth about $12,029,000. Boston Partners lifted its holdings in MGIC Investment by 248.1% during the 4th quarter. Boston Partners now owns 1,411,530 shares of the insurance provider’s stock worth $14,765,000 after buying an additional 1,006,070 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in MGIC Investment by 35.0% during the 4th quarter. Prudential Financial Inc. now owns 3,290,203 shares of the insurance provider’s stock worth $34,416,000 after buying an additional 853,549 shares during the last quarter. Institutional investors own 94.22% of the company’s stock.
A number of analysts have issued reports on MTG shares. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Friday, April 26th. ValuEngine raised MGIC Investment from a “sell” rating to a “hold” rating in a report on Tuesday, February 19th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $16.81.
MTG remained flat at $$13.92 on Wednesday. The company’s stock had a trading volume of 1,881,800 shares, compared to its average volume of 2,561,455. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $4.96 billion, a P/E ratio of 7.82, a PEG ratio of 1.66 and a beta of 1.81. MGIC Investment Corp. has a 12-month low of $9.41 and a 12-month high of $14.97.
MGIC Investment (NYSE:MTG) last released its earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.04. MGIC Investment had a return on equity of 19.06% and a net margin of 59.01%. The company had revenue of $291.65 million for the quarter, compared to analysts’ expectations of $286.01 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. Analysts predict that MGIC Investment Corp. will post 1.66 earnings per share for the current fiscal year.
MGIC Investment declared that its board has initiated a stock buyback program on Wednesday, March 20th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
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MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.
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