Fmr LLC Cuts Position in MGIC Investment Co. (NYSE:MTG)

FMR LLC reduced its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 10.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,261,518 shares of the insurance provider's stock after selling 146,389 shares during the quarter. FMR LLC owned approximately 0.50% of MGIC Investment worth $32,295,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in MGIC Investment by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider's stock worth $326,375,000 after purchasing an additional 556,859 shares in the last quarter. WINTON GROUP Ltd grew its position in shares of MGIC Investment by 440.3% during the 2nd quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider's stock worth $11,228,000 after buying an additional 424,580 shares during the period. Vest Financial LLC increased its stake in shares of MGIC Investment by 22.7% in the 2nd quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider's stock valued at $23,139,000 after acquiring an additional 198,553 shares in the last quarter. CX Institutional acquired a new position in shares of MGIC Investment during the 3rd quarter valued at $4,911,000. Finally, Edgestream Partners L.P. boosted its stake in MGIC Investment by 153.9% during the second quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider's stock worth $5,279,000 after acquiring an additional 148,494 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Stock Down 3.5 %

Shares of NYSE:MTG traded down $0.89 during midday trading on Monday, hitting $24.63. 2,063,418 shares of the company's stock were exchanged, compared to its average volume of 1,735,609. MGIC Investment Co. has a 12 month low of $18.04 and a 12 month high of $26.56. The company has a market cap of $6.24 billion, a PE ratio of 8.67, a price-to-earnings-growth ratio of 1.82 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a 50 day moving average price of $25.28 and a 200-day moving average price of $23.93.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The company's quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.64 earnings per share. On average, sell-side analysts anticipate that MGIC Investment Co. will post 2.85 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.11%. MGIC Investment's payout ratio is 18.31%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Barclays lifted their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 8th. Royal Bank of Canada reduced their target price on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a research note on Wednesday, November 6th. Finally, Bank of America downgraded MGIC Investment from a "buy" rating to an "underperform" rating and dropped their price target for the stock from $26.00 to $25.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $25.43.

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.