MGIC Investment (NYSE:MTG) Downgraded by ValuEngine to Strong Sell

ValuEngine lowered shares of MGIC Investment (NYSE:MTG) from a sell rating to a strong sell rating in a report issued on Tuesday, ValuEngine reports.

Several other research firms have also issued reports on MTG. Deutsche Bank increased their price target on shares of MGIC Investment from $18.00 to $18.50 and gave the stock a buy rating in a research report on Wednesday, October 23rd. Zacks Investment Research raised shares of MGIC Investment from a hold rating to a buy rating and set a $14.00 price objective on the stock in a research note on Friday, October 11th. Finally, B. Riley restated a buy rating on shares of MGIC Investment in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. MGIC Investment presently has a consensus rating of Buy and a consensus target price of $16.13.

MTG traded up $0.08 on Tuesday, hitting $13.97. 3,298,262 shares of the stock were exchanged, compared to its average volume of 3,265,695. MGIC Investment has a 12 month low of $9.41 and a 12 month high of $14.97. The business has a 50-day moving average of $13.34 and a two-hundred day moving average of $13.36. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 1.59 and a beta of 1.50.

MGIC Investment (NYSE:MTG) last released its earnings results on Tuesday, October 22nd. The insurance provider reported $0.48 EPS for the quarter, beating the consensus estimate of $0.43 by $0.05. The firm had revenue of $318.38 million for the quarter, compared to analyst estimates of $299.00 million. MGIC Investment had a net margin of 55.08% and a return on equity of 16.99%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the firm earned $0.48 EPS. Equities research analysts expect that MGIC Investment will post 1.76 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.72%. MGIC Investment’s dividend payout ratio (DPR) is currently 13.48%.

In other news, CAO Julie K. Sperber sold 5,535 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $14.05, for a total value of $77,766.75. Following the sale, the chief accounting officer now directly owns 75,747 shares in the company, valued at approximately $1,064,245.35. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Patrick Sinks sold 72,364 shares of MGIC Investment stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $14.02, for a total transaction of $1,014,543.28. Following the sale, the insider now directly owns 2,058,500 shares in the company, valued at $28,860,170. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,419 shares of company stock valued at $2,320,082. 0.81% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. APG Asset Management N.V. boosted its position in MGIC Investment by 29.3% in the second quarter. APG Asset Management N.V. now owns 11,918,400 shares of the insurance provider’s stock valued at $137,520,000 after buying an additional 2,700,000 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of MGIC Investment by 47.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 6,094,043 shares of the insurance provider’s stock valued at $80,076,000 after acquiring an additional 1,954,265 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of MGIC Investment by 421.5% during the 3rd quarter. First Trust Advisors LP now owns 1,520,508 shares of the insurance provider’s stock valued at $19,128,000 after acquiring an additional 1,228,929 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of MGIC Investment by 98.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 2,368,094 shares of the insurance provider’s stock valued at $31,117,000 after acquiring an additional 1,173,328 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its position in MGIC Investment by 155.3% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,928,631 shares of the insurance provider’s stock worth $25,342,000 after acquiring an additional 1,173,227 shares during the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.

Read More: How are the companies in the S&P 500 selected?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.