Connor Clark & Lunn Investment Management Ltd. Has $1.48 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Connor Clark & Lunn Investment Management Ltd. raised its stake in MGIC Investment Co. (NYSE:MTG) by 369.2% in the third quarter, Holdings Channel.com reports. The firm owned 57,722 shares of the insurance provider’s stock after acquiring an additional 45,419 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in MGIC Investment were worth $1,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. DekaBank Deutsche Girozentrale raised its position in MGIC Investment by 24.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider’s stock worth $8,132,000 after purchasing an additional 73,474 shares in the last quarter. GSA Capital Partners LLP lifted its position in shares of MGIC Investment by 154.1% during the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after buying an additional 58,664 shares during the period. Edgestream Partners L.P. boosted its stake in MGIC Investment by 153.9% in the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock valued at $5,279,000 after buying an additional 148,494 shares in the last quarter. Panagora Asset Management Inc. grew its position in MGIC Investment by 14.8% in the second quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider’s stock valued at $10,886,000 after acquiring an additional 65,315 shares during the period. Finally, Mackenzie Financial Corp raised its stake in MGIC Investment by 2.9% during the second quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider’s stock worth $18,957,000 after acquiring an additional 24,627 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MTG shares. Royal Bank of Canada lowered their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Roth Mkm raised their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. BTIG Research boosted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Barclays raised their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, MGIC Investment has a consensus rating of “Moderate Buy” and an average price target of $25.50.

MGIC Investment Stock Down 0.8 %

NYSE:MTG opened at $26.11 on Wednesday. The company has a market cap of $6.62 billion, a PE ratio of 9.19, a PEG ratio of 1.85 and a beta of 1.28. MGIC Investment Co. has a 52-week low of $17.31 and a 52-week high of $26.56. The stock has a 50-day simple moving average of $25.22 and a 200 day simple moving average of $23.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The business had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share. On average, sell-side analysts expect that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 1.99%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

MGIC Investment 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.