Fox Run Management L.L.C. Invests $1.61 Million in MGIC Investment Corporation $MTG

Fox Run Management L.L.C. purchased a new position in MGIC Investment Corporation (NYSE:MTG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 55,229 shares of the insurance provider’s stock, valued at approximately $1,614,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Alps Advisors Inc. boosted its stake in shares of MGIC Investment by 60.6% in the 3rd quarter. Alps Advisors Inc. now owns 701,943 shares of the insurance provider’s stock valued at $19,914,000 after purchasing an additional 264,968 shares in the last quarter. Jefferies Financial Group Inc. boosted its stake in shares of MGIC Investment by 245.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider’s stock valued at $10,655,000 after purchasing an additional 259,039 shares in the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of MGIC Investment by 106.1% in the 3rd quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock valued at $19,503,000 after purchasing an additional 353,935 shares in the last quarter. Arbejdsmarkedets Tillaegspension purchased a new stake in shares of MGIC Investment in the 4th quarter valued at $24,456,000. Finally, Assetmark Inc. boosted its stake in shares of MGIC Investment by 1,208.1% in the 3rd quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after purchasing an additional 1,546,173 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group cut their price objective on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, March 12th. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price objective for the company. Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. Finally, Barclays cut their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and a consensus price target of $28.25.

MGIC Investment Trading Down 1.1%

Shares of MTG opened at $25.23 on Tuesday. The stock has a market capitalization of $5.34 billion, a P/E ratio of 8.01, a PEG ratio of 1.75 and a beta of 0.68. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $26.65 and a two-hundred day simple moving average of $27.19. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $29.97.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business had revenue of $297.08 million during the quarter, compared to analyst estimates of $303.12 million. During the same period in the prior year, the business earned $0.75 EPS. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, research analysts anticipate that MGIC Investment Corporation will post 3.06 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a yield of 2.4%. MGIC Investment’s dividend payout ratio is 19.05%.

MGIC Investment announced that its board has authorized a share repurchase plan on Thursday, April 23rd that permits the company to buyback $750.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 12.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Timothy J. Mattke sold 139,202 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total value of $3,687,460.98. Following the completion of the transaction, the chief executive officer directly owned 1,118,005 shares in the company, valued at $29,615,952.45. This trade represents a 11.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 171,070 shares of company stock worth $4,509,340. 1.34% of the stock is currently owned by corporate insiders.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.