Edgestream Partners L.P. Cuts Stock Position in MGIC Investment Co. (NYSE:MTG)

Edgestream Partners L.P. trimmed its position in shares of MGIC Investment Co. (NYSE:MTG) by 4.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 233,394 shares of the insurance provider’s stock after selling 11,586 shares during the period. Edgestream Partners L.P.’s holdings in MGIC Investment were worth $5,975,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in shares of MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 946 shares in the last quarter. Hara Capital LLC purchased a new position in MGIC Investment in the 3rd quarter worth $25,000. V Square Quantitative Management LLC bought a new stake in MGIC Investment in the third quarter worth $33,000. GAMMA Investing LLC boosted its position in MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after buying an additional 1,328 shares during the period. Finally, Brooklyn Investment Group bought a new position in shares of MGIC Investment during the third quarter valued at about $69,000. Institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Roth Mkm boosted their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. BTIG Research boosted their price objective on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada dropped their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, Barclays lifted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $25.50.

MGIC Investment Trading Up 0.7 %

NYSE MTG opened at $26.28 on Friday. The stock has a market cap of $6.66 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 1.87 and a beta of 1.28. MGIC Investment Co. has a fifty-two week low of $17.33 and a fifty-two week high of $26.56. The stock has a 50 day simple moving average of $25.26 and a two-hundred day simple moving average of $23.70. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. On average, analysts forecast that MGIC Investment Co. will post 2.85 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s dividend payout ratio is currently 18.31%.

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 District of Columbia, Puerto Rico, and Guam. 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.