Redwood Investment Management LLC decreased its holdings in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 16.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 260,437 shares of the insurance provider's stock after selling 51,235 shares during the quarter. MGIC Investment makes up about 0.6% of Redwood Investment Management LLC's holdings, making the stock its 23rd biggest position. Redwood Investment Management LLC owned approximately 0.10% of MGIC Investment worth $6,611,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the business. GSA Capital Partners LLP grew its stake in MGIC Investment by 154.1% in the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider's stock valued at $2,476,000 after buying an additional 58,664 shares during the last quarter. Edgestream Partners L.P. grew its stake in MGIC Investment by 153.9% in the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider's stock valued at $5,279,000 after buying an additional 148,494 shares during the last quarter. Hancock Whitney Corp acquired a new position in MGIC Investment in the 3rd quarter valued at $777,000. Panagora Asset Management Inc. boosted its holdings in MGIC Investment by 14.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider's stock valued at $10,886,000 after purchasing an additional 65,315 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in MGIC Investment by 2.9% in the 2nd quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider's stock valued at $18,957,000 after purchasing an additional 24,627 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on MTG shares. Royal Bank of Canada reduced their price target on shares of MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Barclays increased their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $25.50.
Check Out Our Latest Research Report on MTG
MGIC Investment Price Performance
Shares of NYSE:MTG traded up $0.07 during midday trading on Thursday, reaching $25.70. 1,391,347 shares of the company's stock were exchanged, compared to its average volume of 1,737,311. The company's 50 day simple moving average is $25.30 and its two-hundred day simple moving average is $23.83. The firm has a market capitalization of $6.51 billion, a PE ratio of 9.05, a price-to-earnings-growth ratio of 1.85 and a beta of 1.27. MGIC Investment Co. has a 12 month low of $17.42 and a 12 month high of $26.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25.
MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $0.64 EPS. Equities research analysts expect that MGIC Investment Co. will post 2.85 earnings per share for the current fiscal year.
MGIC Investment Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment's payout ratio is 18.31%.
MGIC Investment Company Profile
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Free Report)
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.
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