MGIC Investment Corp. (MTG) Sees Large Volume Increase
MGIC Investment Corp. (NYSE:MTG) shares saw an uptick in trading volume on Monday . 9,431,781 shares traded hands during mid-day trading, a decline of 0% from the previous session’s volume of 9,439,332 shares.The stock last traded at $7.19 and had previously closed at $6.92.
Several brokerages recently weighed in on MTG. Zacks Investment Research lowered shares of MGIC Investment Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. FBR & Co increased their price objective on shares of MGIC Investment Corp. from $7.50 to $9.00 and gave the company an “outperform” rating in a report on Wednesday, July 20th. Compass Point lowered shares of MGIC Investment Corp. from a “buy” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $9.00 in a report on Wednesday, April 20th. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of MGIC Investment Corp. in a report on Tuesday, July 19th. Finally, Credit Suisse Group AG increased their price objective on shares of MGIC Investment Corp. from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, May 2nd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. MGIC Investment Corp. presently has a consensus rating of “Buy” and an average price target of $9.82.
The company has a market capitalization of $2.43 billion and a P/E ratio of 2.94. The stock has a 50 day moving average of $6.25 and a 200 day moving average of $6.87.
MGIC Investment Corp. (NYSE:MTG) last posted its quarterly earnings results on Tuesday, July 19th. The company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.06. The company had revenue of $263.50 million for the quarter, compared to the consensus estimate of $255.01 million. During the same quarter in the previous year, the company posted $0.28 EPS. On average, analysts expect that MGIC Investment Corp. will post $0.84 EPS for the current fiscal year.
A number of institutional investors recently bought and sold shares of the stock. Atlanta Capital Group bought a new position in MGIC Investment Corp. during the fourth quarter valued at $1,078,000. Suntrust Banks Inc. bought a new position in MGIC Investment Corp. during the fourth quarter valued at $1,182,000. Oarsman Capital Inc. raised its position in MGIC Investment Corp. by 134.9% in the fourth quarter. Oarsman Capital Inc. now owns 220,522 shares of the company’s stock valued at $1,947,000 after buying an additional 126,650 shares during the last quarter. Nationwide Fund Advisors raised its position in MGIC Investment Corp. by 1.8% in the fourth quarter. Nationwide Fund Advisors now owns 271,591 shares of the company’s stock valued at $2,398,000 after buying an additional 4,824 shares during the last quarter. Finally, KBC Group NV bought a new position in MGIC Investment Corp. during the fourth quarter valued at $3,251,000.
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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