Public Employees Retirement System of Ohio Takes $115,000 Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Public Employees Retirement System of Ohio bought a new stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) in the 3rd quarter, Holdings Channel reports. The firm bought 9,605 shares of the software maker’s stock, valued at approximately $115,000.

Other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC increased its stake in shares of Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after purchasing an additional 65,540 shares during the last quarter. Y.D. More Investments Ltd acquired a new position in Magic Software Enterprises during the second quarter worth approximately $1,451,000. Dimensional Fund Advisors LP raised its stake in Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares during the period. Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at approximately $880,000. Finally, Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises during the 3rd quarter worth approximately $47,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on MGIC. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Barclays lifted their target price on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC opened at $12.04 on Friday. The firm has a market cap of $591.16 million, a P/E ratio of 17.20 and a beta of 1.09. The business’s 50 day moving average is $11.55 and its 200-day moving average is $11.06. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises Ltd. has a 1-year low of $9.38 and a 1-year high of $13.40.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be given a dividend of $0.236 per share. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23rd. This represents a yield of 3.7%. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 58.57%.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.