Man Group plc Invests $145,000 in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Man Group plc bought a new position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,871 shares of the software maker’s stock, valued at approximately $145,000.

A number of other large investors also recently modified their holdings of the stock. IFP Advisors Inc lifted its holdings in Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after buying an additional 2,000 shares during the period. Altshuler Shaham Ltd acquired a new position in Magic Software Enterprises in the fourth quarter valued at approximately $138,000. Truist Financial Corp acquired a new position in Magic Software Enterprises in the fourth quarter valued at approximately $189,000. Heron Bay Capital Management acquired a new position in Magic Software Enterprises in the fourth quarter valued at approximately $183,000. Finally, Lazard Asset Management LLC lifted its holdings in Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after buying an additional 5,878 shares during the period. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Magic Software Enterprises Trading Up 0.5%

MGIC opened at $16.13 on Thursday. The firm’s fifty day moving average is $13.93 and its two-hundred day moving average is $12.91. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market cap of $791.97 million, a PE ratio of 23.04 and a beta of 0.99. Magic Software Enterprises Ltd. has a twelve month low of $9.51 and a twelve month high of $16.50.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.25. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The company had revenue of $147.34 million during the quarter, compared to the consensus estimate of $143.80 million. Equities research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.327 per share. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.24. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a dividend yield of 4.6%. Magic Software Enterprises’s dividend payout ratio is currently 85.53%.

Analysts Set New Price Targets

MGIC has been the topic of several analyst reports. William Blair lowered shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th. Wall Street Zen lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 24th. Finally, Barclays increased their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 13th.

Magic Software Enterprises Profile

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.