Investec Asset Management LTD Takes Position in MGIC Investment Corporation (MTG)
Investec Asset Management LTD bought a new stake in MGIC Investment Corporation (NYSE:MTG) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,014,054 shares of the insurance provider’s stock, valued at approximately $12,706,000. Investec Asset Management LTD owned about 0.27% of MGIC Investment as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Appleton Group LLC acquired a new stake in MGIC Investment in the 2nd quarter valued at approximately $119,000. Advisors Asset Management Inc. acquired a new position in shares of MGIC Investment during the 2nd quarter worth approximately $121,000. Sawgrass Asset Management LLC acquired a new position in shares of MGIC Investment during the 2nd quarter worth approximately $123,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of MGIC Investment during the 2nd quarter worth approximately $132,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of MGIC Investment by 11.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock worth $146,000 after purchasing an additional 1,312 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of MGIC Investment Corporation (NYSE:MTG) traded up $0.36 during midday trading on Friday, hitting $14.98. The stock had a trading volume of 3,785,988 shares, compared to its average volume of 3,369,298. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.27 and a quick ratio of 0.27. MGIC Investment Corporation has a one year low of $9.18 and a one year high of $15.05. The company has a market cap of $5,420.00, a P/E ratio of 12.15, a P/E/G ratio of 2.46 and a beta of 2.28.
MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 18th. The insurance provider reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The company had revenue of $270.30 million during the quarter, compared to the consensus estimate of $267.85 million. During the same period in the previous year, the company posted $0.14 EPS. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. equities analysts predict that MGIC Investment Corporation will post 1.21 EPS for the current fiscal year.
MTG has been the topic of several recent analyst reports. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Monday, October 23rd. Bank of America boosted their price target on MGIC Investment from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. MKM Partners boosted their price target on MGIC Investment to $16.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. FBR & Co reaffirmed a “buy” rating on shares of MGIC Investment in a research report on Wednesday, October 18th. Finally, BTIG Research reaffirmed a “buy” rating and set a $14.00 price target on shares of MGIC Investment in a research report on Saturday, October 14th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. MGIC Investment currently has a consensus rating of “Buy” and an average target price of $14.34.
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About MGIC Investment
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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