AlphaQuest LLC Has $2.93 Million Stake in MGIC Investment Corporation $MTG

AlphaQuest LLC decreased its position in shares of MGIC Investment Corporation (NYSE:MTG) by 26.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 100,200 shares of the insurance provider’s stock after selling 35,196 shares during the period. AlphaQuest LLC’s holdings in MGIC Investment were worth $2,928,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in shares of MGIC Investment by 92.4% in the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after purchasing an additional 3,041,446 shares in the last quarter. Assetmark Inc. increased its holdings in shares of MGIC Investment by 1,208.1% in the third quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after purchasing an additional 1,546,173 shares in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $24,456,000. Caisse de depot et placement du Quebec increased its holdings in shares of MGIC Investment by 20.4% in the third quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider’s stock valued at $111,890,000 after purchasing an additional 667,876 shares in the last quarter. Finally, UBS Group AG increased its holdings in shares of MGIC Investment by 53.3% in the third quarter. UBS Group AG now owns 1,711,453 shares of the insurance provider’s stock valued at $48,554,000 after purchasing an additional 594,980 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays lowered their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a report on Friday. They issued a “sector perform” rating and a $28.00 price target for the company. UBS Group lowered their price target on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. Finally, Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, April 10th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $28.25.

Insiders Place Their Bets

In other news, COO Salvatore A. Miosi sold 10,931 shares of MGIC Investment stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $26.25, for a total transaction of $286,938.75. Following the transaction, the chief operating officer directly owned 590,951 shares of the company’s stock, valued at $15,512,463.75. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of MGIC Investment stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the transaction, the chief executive officer directly owned 1,118,005 shares in the company, valued at approximately $29,615,952.45. This represents a 11.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.34% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG stock opened at $26.09 on Wednesday. MGIC Investment Corporation has a 52-week low of $24.77 and a 52-week high of $29.97. The stock has a market cap of $5.52 billion, a PE ratio of 8.28, a PEG ratio of 1.78 and a beta of 0.71. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The firm’s 50 day moving average price is $26.78 and its two-hundred day moving average price is $27.37.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data 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. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The firm had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. During the same period last year, the firm earned $0.75 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, analysts forecast that MGIC Investment Corporation will post 3.08 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.05%.

MGIC Investment announced that its board has approved a stock repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.