MGIC Investment Corporation’s (MTG) “Buy” Rating Reaffirmed at Barclays PLC
A number of other brokerages also recently commented on MTG. Zacks Investment Research downgraded MGIC Investment Corporation from a strong-buy rating to a hold rating in a research report on Tuesday, September 20th. FBR & Co reiterated an outperform rating and set a $11.00 price objective (up previously from $9.00) on shares of MGIC Investment Corporation in a research report on Tuesday, November 29th. Credit Suisse Group set a $8.00 price objective on MGIC Investment Corporation and gave the company a hold rating in a research report on Friday, November 11th. Deutsche Bank AG upgraded MGIC Investment Corporation from a hold rating to a buy rating and increased their price objective for the company from $9.00 to $12.00 in a research report on Monday, December 12th. Finally, Keefe, Bruyette & Woods increased their price objective on MGIC Investment Corporation from $9.00 to $9.50 and gave the company an outperform rating in a research report on Tuesday, October 4th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. MGIC Investment Corporation currently has an average rating of Buy and a consensus price target of $10.61.
Shares of MGIC Investment Corporation (NYSE:MTG) opened at 10.12 on Monday. The firm’s 50-day moving average price is $10.05 and its 200-day moving average price is $8.28. The stock has a market cap of $3.45 billion, a P/E ratio of 12.22 and a beta of 2.46. MGIC Investment Corporation has a 52-week low of $5.36 and a 52-week high of $10.79.
MGIC Investment Corporation (NYSE:MTG) last announced its quarterly earnings data on Tuesday, October 18th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.06. MGIC Investment Corporation had a return on equity of 16.64% and a net margin of 32.02%. The company earned $273.90 million during the quarter, compared to the consensus estimate of $259.57 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, equities research analysts forecast that MGIC Investment Corporation will post $0.86 earnings per share for the current fiscal year.
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Several hedge funds have recently made changes to their positions in the company. Three Corner Global Investors LP purchased a new stake in shares of MGIC Investment Corporation during the second quarter valued at about $14,197,000. Investment Counselors of Maryland LLC purchased a new stake in shares of MGIC Investment Corporation during the third quarter valued at about $15,809,000. Teachers Advisors LLC raised its stake in shares of MGIC Investment Corporation by 319.4% in the third quarter. Teachers Advisors LLC now owns 2,387,069 shares of the company’s stock valued at $19,097,000 after buying an additional 1,817,926 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of MGIC Investment Corporation by 196.6% in the second quarter. AQR Capital Management LLC now owns 2,241,643 shares of the company’s stock valued at $13,337,000 after buying an additional 1,485,829 shares in the last quarter. Finally, NFC Investments LLC purchased a new stake in shares of MGIC Investment Corporation during the second quarter valued at about $8,746,000. Institutional investors and hedge funds own 88.91% of the company’s stock.
About MGIC Investment Corporation
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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