Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) saw a significant decline in short interest during the month of January. As of January 15th, there was short interest totalling 25,100 shares, a decline of 38.9% from the December 31st total of 41,100 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 43,400 shares, the short-interest ratio is presently 0.6 days.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in MGIC. Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at $880,000. Assenagon Asset Management S.A. acquired a new stake in Magic Software Enterprises during the third quarter valued at $1,675,000. Barclays PLC grew its stake in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after purchasing an additional 5,685 shares in the last quarter. JPMorgan Chase & Co. increased its position in Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock worth $1,101,000 after purchasing an additional 40,642 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of 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 worth $2,201,000 after purchasing an additional 29,635 shares in the last quarter. 24.70% of the stock is owned by hedge funds and other institutional investors.
Magic Software Enterprises Trading Up 2.8 %
Shares of Magic Software Enterprises stock traded up $0.35 on Wednesday, reaching $12.82. 48,318 shares of the company were exchanged, compared to its average volume of 43,619. Magic Software Enterprises has a fifty-two week low of $9.51 and a fifty-two week high of $13.40. The firm has a market capitalization of $629.46 million, a price-to-earnings ratio of 18.31 and a beta of 1.10. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average price of $12.09 and a 200-day moving average price of $11.41.
Magic Software Enterprises Increases Dividend
The company also recently disclosed a semi-annual dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd were paid a dividend of $0.236 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.20. This represents a yield of 3.7%. Magic Software Enterprises's dividend payout ratio is currently 67.14%.
Wall Street Analyst Weigh In
MGIC has been the topic of several research analyst reports. Barclays raised their target price on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th. StockNews.com raised Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Sunday, December 22nd.
View Our Latest Report on MGIC
About Magic Software Enterprises
(
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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.
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