MGIC Investment Corp. Sees Significant Growth in Short Interest (MTG)
MGIC Investment Corp. (NYSE:MTG) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 50,201,933 shares, an increase of 18.4% from the July 15th total of 42,385,497 shares, AmericanBankingNews.com reports. Approximately 15.1% of the company’s stock are sold short. Based on an average daily trading volume, of 10,477,736 shares, the days-to-cover ratio is presently 4.8 days.
A number of research firms have recently commented on MTG. Analysts at Zacks reiterated a “neutral” rating on shares of MGIC Investment Corp. in a research note on Friday, July 18th. They now have a $8.25 price target on the stock. Separately, analysts at FBR Capital Markets reiterated a “market perform” rating on shares of MGIC Investment Corp. in a research note on Thursday, July 17th. They now have a $9.00 price target on the stock, down previously from $10.00. Finally, analysts at Goldman Sachs downgraded shares of MGIC Investment Corp. from a “conviction-buy” rating to a “buy” rating in a research note on Friday, July 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $9.84.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 7.91 on Friday. MGIC Investment Corp. has a 52 week low of $6.62 and a 52 week high of $9.50. The stock’s 50-day moving average is $8.23 and its 200-day moving average is $8.5. The company has a market cap of $2.678 billion and a P/E ratio of 24.20.
MGIC Investment Corp. (NYSE:MTG) last released its earnings data on Wednesday, July 16th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.14 by $0.02. The company had revenue of $231.20 million for the quarter, compared to the consensus estimate of $237.13 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. Analysts expect that MGIC Investment Corp. will post $0.49 EPS for the current fiscal year.
MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
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