CacheTech Inc. Boosts Stake in MGIC Investment Corporation $MTG

CacheTech Inc. grew its position in shares of MGIC Investment Corporation (NYSE:MTG) by 18.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 130,955 shares of the insurance provider’s stock after buying an additional 20,589 shares during the quarter. CacheTech Inc.’s holdings in MGIC Investment were worth $3,438,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in shares of MGIC Investment by 31.3% in the fourth quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock valued at $339,428,000 after acquiring an additional 2,771,533 shares in the last quarter. Geode Capital Management LLC boosted its position in MGIC Investment by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after purchasing an additional 146,589 shares during the last quarter. Allianz Asset Management GmbH boosted its position in MGIC Investment by 1.0% in the fourth quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock worth $146,397,000 after purchasing an additional 48,064 shares during the last quarter. First Trust Advisors LP grew its stake in MGIC Investment by 1.7% in the 4th quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock valued at $134,684,000 after purchasing an additional 76,306 shares during the period. Finally, Northern Trust Corp grew its stake in MGIC Investment by 10.7% in the 3rd quarter. Northern Trust Corp now owns 4,561,398 shares of the insurance provider’s stock valued at $129,407,000 after purchasing an additional 441,809 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the transaction, the executive vice president owned 169,620 shares of the company’s stock, valued at $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is currently owned by company insiders.

MGIC Investment Stock Down 0.9%

MGIC Investment stock opened at $29.06 on Wednesday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of 9.23, a P/E/G ratio of 2.02 and a beta of 0.67. The firm has a 50 day simple moving average of $26.81 and a 200 day simple moving average of $26.90.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. During the same quarter in the prior year, the firm posted $0.75 EPS. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. On average, analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment announced that its board has initiated a stock buyback plan on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is presently 19.05%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MTG shares. Royal Bank Of Canada began coverage on MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 target price for the company. Weiss Ratings raised shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. Finally, Barclays decreased 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 report 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, MGIC Investment currently has an average rating of “Hold” and an average target price of $28.25.

MGIC Investment Profile

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.