JPMorgan Chase & Co. Grows Stock Holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

JPMorgan Chase & Co. increased its position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 77.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 93,166 shares of the software maker's stock after purchasing an additional 40,642 shares during the period. JPMorgan Chase & Co. owned approximately 0.19% of Magic Software Enterprises worth $1,101,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Inspire Investing LLC bought a new stake in Magic Software Enterprises during the 3rd quarter valued at about $880,000. Assenagon Asset Management S.A. bought a new stake in Magic Software Enterprises during the 3rd quarter valued at about $1,675,000. Barclays PLC lifted its holdings in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after buying an additional 5,685 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Magic Software Enterprises by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker's stock valued at $2,201,000 after buying an additional 29,635 shares in the last quarter. Finally, Copeland Capital Management LLC bought a new stake in Magic Software Enterprises during the 3rd quarter valued at about $47,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

Magic Software Enterprises Stock Down 1.1 %

Shares of NASDAQ:MGIC traded down $0.14 during trading hours on Friday, hitting $12.85. The company's stock had a trading volume of 28,661 shares, compared to its average volume of 35,229. Magic Software Enterprises Ltd. has a 52 week low of $9.51 and a 52 week high of $13.40. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market capitalization of $630.94 million, a price-to-earnings ratio of 18.36 and a beta of 1.10. The firm's fifty day moving average price is $12.03 and its 200 day moving average price is $11.38.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd were given a $0.236 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.20. Magic Software Enterprises's payout ratio is presently 67.14%.

Analysts Set New Price Targets

MGIC has been the subject of several recent research reports. Barclays boosted their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. StockNews.com upgraded shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Sunday, December 22nd.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.