MGIC Investment Corp. (MTG) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS
MGIC Investment Corp. (NYSE:MTG) issued its quarterly earnings data on Thursday. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02, Analyst RN reports. The company had revenue of $251.90 million for the quarter, compared to the consensus estimate of $254.67 million. During the same quarter in the previous year, the company posted ($1.91) earnings per share. The company’s revenue for the quarter was down 32.2% on a year-over-year basis.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 9.08 on Thursday. MGIC Investment Corp. has a 52 week low of $2.36 and a 52 week high of $9.08. The stock has a 50-day moving average of $8.49 and a 200-day moving average of $7.69. The company’s market cap is $3.067 billion.
A number of research firms have recently commented on MTG. Analysts at Compass Point upgraded shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Friday, December 20th. They now have a $10.00 price target on the stock, up previously from $6.50. On a related note, analysts at Zacks reiterated a “neutral” rating on shares of MGIC Investment Corp. in a research note to investors on Wednesday, December 11th. They now have a $8.75 price target on the stock. Finally, analysts at Goldman Sachs Group Inc. initiated coverage on shares of MGIC Investment Corp. in a research note to investors on Thursday, December 5th. They set a “conviction-buy” rating and a $10.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $8.47.
MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.