Inceptionr LLC Reduces Stock Holdings in MGIC Investment Corporation $MTG

Inceptionr LLC reduced its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 26.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 40,647 shares of the insurance provider’s stock after selling 14,705 shares during the quarter. Inceptionr LLC’s holdings in MGIC Investment were worth $1,132,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. WPG Advisers LLC acquired a new position in shares of MGIC Investment in the 1st quarter valued at $26,000. True Wealth Design LLC lifted its position in MGIC Investment by 262.5% in the second 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 during the period. Hantz Financial Services Inc. raised its stake in shares of MGIC Investment by 3,067.6% during the 2nd 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. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of MGIC Investment by 118.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider’s stock valued at $36,000 after buying an additional 708 shares during the period. Finally, Quarry LP purchased a new stake in shares of MGIC Investment in the first quarter valued at approximately $38,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the completion of the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This trade represents a 14.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the sale, the chief operating officer directly owned 189,401 shares in the company, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 219,203 shares of company stock worth $5,989,909. Insiders own 1.05% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on MTG shares. Barclays increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $26.80.

MGIC Investment Stock Performance

NYSE MTG opened at $28.38 on Thursday. The business has a 50 day moving average price of $27.72 and a 200 day moving average price of $27.21. The company has a market capitalization of $6.35 billion, a P/E ratio of 9.13, a PEG ratio of 1.91 and a beta of 0.92. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.11. The company had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.MGIC Investment’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.77 earnings per share. Sell-side analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment’s payout ratio is presently 19.29%.

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 District of Columbia, Puerto Rico, and Guam. 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.