AXQ Capital LP Grows Position in MGIC Investment Corporation $MTG

AXQ Capital LP boosted its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 448.9% during the 3rd quarter, Holdings Channel reports. The fund owned 43,498 shares of the insurance provider’s stock after buying an additional 35,573 shares during the period. AXQ Capital LP’s holdings in MGIC Investment were worth $1,234,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. True Wealth Design LLC raised its holdings in shares of MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 727 shares in the last quarter. Alpine Bank Wealth Management purchased a new position in MGIC Investment during the third quarter valued at approximately $28,000. Hantz Financial Services Inc. raised its stake in MGIC Investment by 3,067.6% in the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after buying an additional 1,043 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after buying an additional 395 shares during the period. Finally, Employees Retirement System of Texas purchased a new stake in MGIC Investment during the second quarter worth $32,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Weiss Ratings lowered MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, Barclays reduced their target price on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $28.00.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the completion of the sale, the chief executive officer directly owned 822,588 shares in the company, valued at approximately $21,806,807.88. The trade was a 14.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total transaction of $818,100.00. Following the completion of the sale, the chief operating officer directly owned 454,245 shares in the company, valued at $12,387,261.15. This trade represents a 6.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 189,203 shares of company stock worth $5,058,572. 1.41% of the stock is currently owned by insiders.

MGIC Investment Trading Down 1.7%

MGIC Investment stock opened at $25.77 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.48 and a current ratio of 0.78. The stock has a market cap of $5.77 billion, a PE ratio of 8.21, a price-to-earnings-growth ratio of 2.08 and a beta of 0.83. The stock has a 50-day moving average of $27.70 and a two-hundred day moving average of $27.82. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.97.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.02. The company had revenue of $298.65 million for the quarter, compared to the consensus estimate of $308.19 million. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. MGIC Investment’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 EPS. On average, research analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s payout ratio is currently 19.11%.

MGIC Investment 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.