MGIC Investment Corporation $MTG Stock Sold by Moody Aldrich Partners LLC

Moody Aldrich Partners LLC lowered its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 20.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 129,764 shares of the insurance provider’s stock after selling 34,077 shares during the quarter. Moody Aldrich Partners LLC owned approximately 0.06% of MGIC Investment worth $3,353,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Elevation Wealth Partners LLC grew its stake in MGIC Investment by 345.6% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,123 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 871 shares during the period. V Square Quantitative Management LLC increased its holdings in MGIC Investment by 91.2% in the 3rd quarter. V Square Quantitative Management LLC now owns 1,363 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 650 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment during the second quarter worth $62,000. Harbor Investment Advisory LLC raised its position in MGIC Investment by 613.0% during the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after acquiring an additional 2,213 shares during the period. Finally, Root Financial Partners LLC purchased a new position in MGIC Investment during the third quarter valued at $76,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Activity at MGIC Investment

In related news, CEO Timothy Mattke sold 137,114 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $26.23, for a total value of $3,596,500.22. Following the completion of the sale, the chief executive officer owned 843,778 shares of the company’s stock, valued at approximately $22,132,296.94. This trade represents a 13.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $26.06, for a total value of $781,800.00. Following the transaction, the chief operating officer owned 440,951 shares in the company, valued at approximately $11,491,183.06. The trade was a 6.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 217,114 shares of company stock valued at $5,906,200. 1.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MTG shares. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Zacks Research lowered MGIC Investment from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. BTIG Research began coverage on MGIC Investment in a report on Tuesday, September 22nd. They set a “hold” rating for the company. Finally, Royal Bank Of Canada raised their target price on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $30.80.

MGIC Investment Stock Performance

NYSE:MTG opened at $28.25 on Thursday. The company’s 50-day moving average price is $29.12 and its 200-day moving average price is $27.74. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The company has a market cap of $5.80 billion, a P/E ratio of 8.83, a P/E/G ratio of 1.02 and a beta of 0.67. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $31.89.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. During the same quarter in the prior year, the company earned $0.82 EPS. MGIC Investment’s revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts forecast that MGIC Investment Corporation will post 3.22 earnings per share for the current fiscal year.

About MGIC Investment

MGIC Investment Corporation (NYSE:MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.

MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.