Truffle Hound Capital LLC purchased a new position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 430,000 shares of the software maker's stock, valued at approximately $5,173,000. Magic Software Enterprises makes up 1.8% of Truffle Hound Capital LLC's investment portfolio, making the stock its 13th largest position. Truffle Hound Capital LLC owned 0.88% of Magic Software Enterprises 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. Bank of New York Mellon Corp bought a new stake in Magic Software Enterprises in the fourth quarter worth approximately $1,392,000. JPMorgan Chase & Co. boosted its holdings in Magic Software Enterprises by 77.4% in the third 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 in the last quarter. Tidal Investments LLC increased its position in Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock worth $342,000 after buying an additional 1,278 shares during the last quarter. Truist Financial Corp bought a new position in Magic Software Enterprises during the fourth quarter valued at about $189,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises in the third quarter worth about $115,000. Institutional investors and hedge funds own 24.70% of the company's stock.
Wall Street Analysts Forecast Growth
MGIC has been the topic of a number of recent analyst reports. Barclays raised their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Thursday, March 13th. StockNews.com raised shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Thursday, March 13th. Finally, William Blair downgraded shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th.
Check Out Our Latest Stock Report on MGIC
Magic Software Enterprises Stock Performance
Shares of Magic Software Enterprises stock traded down $0.22 during trading on Wednesday, reaching $13.18. The company's stock had a trading volume of 31,471 shares, compared to its average volume of 55,789. Magic Software Enterprises Ltd. has a one year low of $9.51 and a one year 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 firm has a market cap of $647.12 million, a price-to-earnings ratio of 18.83 and a beta of 1.11. The business's fifty day moving average price is $12.90 and its 200-day moving average price is $12.03.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). The business had revenue of $142.58 million during the quarter, compared to the consensus estimate of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. As a group, equities research analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.
Magic Software Enterprises Increases Dividend
The business also recently declared a semi-annual dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Tuesday, April 22nd will be given a $0.327 dividend. This represents a yield of 4.6%. This is a positive change 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 currently 86.67%.
About Magic Software Enterprises
(
Free Report)
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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