Bridgewater Associates LP Takes $774,000 Position in MGIC Investment Co. (NYSE:MTG)

Bridgewater Associates LP bought a new position in shares of MGIC Investment Co. (NYSE:MTG) during the 3rd quarter, Holdings Channel.com reports. The firm bought 30,242 shares of the insurance provider’s stock, valued at approximately $774,000.

Several other large investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in shares of MGIC Investment by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after acquiring an additional 556,859 shares during the last quarter. WINTON GROUP Ltd raised its stake in MGIC Investment by 440.3% during the second quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock worth $11,228,000 after purchasing an additional 424,580 shares during the period. Vest Financial LLC boosted its holdings in shares of MGIC Investment by 22.7% in the 2nd quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock valued at $23,139,000 after purchasing an additional 198,553 shares during the last quarter. CX Institutional purchased a new stake in shares of MGIC Investment during the 3rd quarter valued at $4,911,000. Finally, Edgestream Partners L.P. grew its stake in shares of MGIC Investment by 153.9% during 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 during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Trading Down 0.9 %

NYSE:MTG opened at $26.03 on Tuesday. MGIC Investment Co. has a 12 month low of $17.42 and a 12 month high of $26.56. The business’s 50-day moving average is $25.27 and its two-hundred day moving average is $23.77. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a market capitalization of $6.60 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 1.88 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm had revenue of $306.65 million for the quarter, compared to analyst estimates of $306.03 million. During the same period in the previous year, the company posted $0.64 EPS. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts predict that MGIC Investment Co. will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s payout ratio is 18.31%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MTG shares. Royal Bank of Canada reduced their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Barclays lifted their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, 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. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

About MGIC Investment

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.