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 21.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 112,782 shares of the software maker's stock after purchasing an additional 19,616 shares during the period. JPMorgan Chase & Co. owned approximately 0.23% of Magic Software Enterprises worth $1,357,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its stake in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after buying an additional 2,000 shares in the last quarter. Barclays PLC grew its holdings in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker's stock worth $69,000 after acquiring an additional 5,685 shares during the period. Heron Bay Capital Management purchased a new position in Magic Software Enterprises in the fourth quarter worth $183,000. Truist Financial Corp acquired a new stake in Magic Software Enterprises in the fourth quarter valued at $189,000. Finally, Tidal Investments LLC lifted its holdings in Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock valued at $342,000 after acquiring an additional 1,278 shares during the period. Institutional investors and hedge funds own 24.70% of the company's stock.

Magic Software Enterprises Trading Up 2.2 %

Magic Software Enterprises stock traded up $0.30 during trading on Tuesday, reaching $13.94. The company had a trading volume of 36,476 shares, compared to its average volume of 55,777. Magic Software Enterprises Ltd. has a 12-month low of $9.51 and a 12-month high of $14.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The stock's 50 day moving average price is $13.08 and its two-hundred day moving average price is $12.36. The firm has a market capitalization of $684.44 million, a price-to-earnings ratio of 19.91 and a beta of 1.01.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $142.58 million for the quarter, compared to analysts' expectations of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. As a group, equities analysts expect that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd will be issued a $0.327 dividend. This represents a dividend yield of 4.6%. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date is Tuesday, April 22nd. Magic Software Enterprises's dividend payout ratio (DPR) is 86.67%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MGIC shares. StockNews.com upgraded shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Thursday, March 13th. Barclays lifted their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Thursday, March 13th. Finally, William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Profile

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.