CacheTech Inc. Buys 20,589 Shares of MGIC Investment Corporation $MTG

CacheTech Inc. increased its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 18.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,955 shares of the insurance provider’s stock after acquiring an additional 20,589 shares during the quarter. CacheTech Inc. owned approximately 0.06% of MGIC Investment worth $3,438,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of MTG. SBI Securities Co. Ltd. raised its holdings in shares of MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares during the period. Oregon Public Employees Retirement Fund increased its position in MGIC Investment by 1.1% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after buying an additional 481 shares in the last quarter. Lido Advisors LLC increased its position in MGIC Investment by 2.2% in the 4th quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock valued at $689,000 after buying an additional 522 shares in the last quarter. Victory Financial Group LLC raised its stake in MGIC Investment by 1.9% during the 3rd quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock worth $794,000 after buying an additional 535 shares during the period. Finally, Johnson Financial Group Inc. raised its stake in MGIC Investment by 4.0% during the 4th quarter. Johnson Financial Group Inc. now owns 14,180 shares of the insurance provider’s stock worth $414,000 after buying an additional 540 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on MTG shares. Royal Bank Of Canada initiated coverage on MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, April 10th. Weiss Ratings raised MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Finally, Barclays cut their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and an average price target of $28.25.

MGIC Investment Trading Down 0.9%

MTG opened at $29.06 on Wednesday. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $29.97. The firm has a market capitalization of $6.15 billion, a PE ratio of 9.23, a P/E/G ratio of 2.02 and a beta of 0.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The company’s 50-day moving average is $26.81 and its 200 day moving average is $26.90.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The business had revenue of $297.08 million during the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The company’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 EPS. As a group, research analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Wednesday, May 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.05%.

MGIC Investment announced that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 12.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the transaction, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by insiders.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.