Oarsman Capital Inc. Lowers Stake in MGIC Investment Corporation $MTG

Oarsman Capital Inc. reduced its position in shares of MGIC Investment Corporation (NYSE:MTG) by 4.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,305 shares of the insurance provider’s stock after selling 2,894 shares during the quarter. Oarsman Capital Inc.’s holdings in MGIC Investment were worth $1,623,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. WPG Advisers LLC purchased a new stake in shares of MGIC Investment during the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new stake in shares of MGIC Investment during the 1st quarter worth about $33,000. Quarry LP purchased a new stake in shares of MGIC Investment during the 1st quarter worth about $38,000. Geneos Wealth Management Inc. boosted its stake in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in MGIC Investment in the 2nd quarter valued at about $49,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MTG. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research note on Monday, July 7th. Barclays raised their price target 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. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $26.83.

MGIC Investment Trading Down 0.8%

MTG opened at $26.78 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The company’s 50 day simple moving average is $27.77 and its two-hundred day simple moving average is $26.76. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The firm has a market capitalization of $6.17 billion, a price-to-earnings ratio of 8.78, a price-to-earnings-growth ratio of 1.95 and a beta of 0.88.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. During the same period last year, the company posted $0.77 EPS. The business’s revenue was down .3% on a year-over-year basis. Analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is 19.67%.

Insider Buying and Selling

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the transaction, the chief executive officer directly owned 1,100,994 shares of the company’s stock, valued at $29,220,380.76. This trade represents a 11.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the completion of the transaction, the chief operating officer directly owned 189,401 shares in the company, valued at $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 338,406 shares of company stock worth $9,096,557 over the last three months. Corporate insiders own 1.41% of the company’s stock.

About MGIC Investment

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.