Adirondack Research & Management Inc. trimmed its position in MGIC Investment Corp. (NYSE:MTG) by 23.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 406,100 shares of the insurance provider’s stock after selling 125,600 shares during the quarter. MGIC Investment accounts for 2.2% of Adirondack Research & Management Inc.’s holdings, making the stock its 7th largest holding. Adirondack Research & Management Inc.’s holdings in MGIC Investment were worth $5,730,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in MTG. Nisa Investment Advisors LLC increased its stake in MGIC Investment by 125.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock valued at $101,000 after acquiring an additional 4,000 shares during the last quarter. Wealthcare Advisory Partners LLC bought a new stake in shares of MGIC Investment during the third quarter worth $107,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of MGIC Investment during the second quarter worth $132,000. Eqis Capital Management Inc. bought a new stake in shares of MGIC Investment during the fourth quarter worth $144,000. Finally, Zeke Capital Advisors LLC bought a new stake in shares of MGIC Investment during the third quarter worth $150,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on MTG. BTIG Research boosted their target price on shares of MGIC Investment from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Deutsche Bank raised shares of MGIC Investment from a “hold” rating to a “buy” rating and boosted their target price for the stock from $15.00 to $18.00 in a research note on Monday, January 8th. B. Riley reaffirmed a “buy” rating on shares of MGIC Investment in a research note on Monday, November 6th. ValuEngine cut shares of MGIC Investment from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 10th. Finally, Royal Bank of Canada began coverage on shares of MGIC Investment in a research note on Wednesday, December 20th. They set an “outperform” rating and a $18.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $16.39.
MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.16. The company had revenue of $271.50 million for the quarter, compared to analysts’ expectations of $273.66 million. MGIC Investment had a net margin of 33.37% and a return on equity of 17.70%. MGIC Investment’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 earnings per share. analysts forecast that MGIC Investment Corp. will post 1.44 EPS for the current year.
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MGIC Investment Profile
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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