Dorsey Wright & Associates Raises Stock Position in MGIC Investment Corporation $MTG

Dorsey Wright & Associates lifted its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 22.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,635 shares of the insurance provider’s stock after acquiring an additional 2,496 shares during the quarter. Dorsey Wright & Associates’ holdings in MGIC Investment were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in MGIC Investment by 913.6% in the first quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider’s stock valued at $57,009,000 after purchasing an additional 2,073,633 shares during the period. Allianz Asset Management GmbH grew its stake in shares of MGIC Investment by 40.6% in the second quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock valued at $150,290,000 after buying an additional 1,557,970 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of MGIC Investment by 5,891.9% during the 1st quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider’s stock valued at $34,024,000 after buying an additional 1,350,135 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in MGIC Investment during the 2nd quarter worth approximately $29,139,000. Finally, JPMorgan Chase & Co. lifted its position in MGIC Investment by 4.8% during the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock worth $400,499,000 after acquiring an additional 743,212 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the sale, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. The trade was a 14.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the transaction, the chief executive officer directly owned 961,791 shares in the company, valued at approximately $26,054,918.19. This represents a 12.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 219,203 shares of company stock worth $5,989,909. 1.05% of the stock is currently owned by corporate insiders.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $27.83 on Wednesday. The business has a 50 day moving average price of $27.73 and a two-hundred day moving average price of $27.13. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.01. The firm has a market cap of $6.23 billion, a PE ratio of 8.95, a price-to-earnings-growth ratio of 1.91 and a beta of 0.92. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.72 by $0.11. The company had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The business’s revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 EPS. Sell-side analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. MGIC Investment’s payout ratio is presently 19.29%.

Analyst Ratings Changes

A number of analysts have recently issued reports on MTG shares. Barclays lifted their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.80.

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.