MGIC Investment Corp. (NYSE:MTG) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totalling 5,847,700 shares, a decline of 8.0% from the July 31st total of 6,357,900 shares. Currently, 1.7% of the shares of the stock are short sold. Based on an average daily volume of 4,500,000 shares, the short-interest ratio is currently 1.3 days.
NYSE:MTG traded down $0.23 during midday trading on Friday, hitting $12.72. The company had a trading volume of 4,992,579 shares, compared to its average volume of 2,657,678. MGIC Investment has a 52-week low of $9.41 and a 52-week high of $14.97. The stock’s fifty day moving average price is $12.61 and its 200-day moving average price is $13.39. The company has a market capitalization of $4.59 billion, a PE ratio of 7.15, a P/E/G ratio of 1.53 and a beta of 1.54. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.21.
MGIC Investment (NYSE:MTG) last announced its earnings results on Tuesday, July 23rd. The insurance provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. MGIC Investment had a net margin of 56.84% and a return on equity of 17.55%. The company had revenue of $292.30 million during the quarter, compared to analyst estimates of $295.03 million. During the same period in the previous year, the business earned $0.49 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, research analysts forecast that MGIC Investment will post 1.69 earnings per share for the current year.
In other news, Director Daniel A. Arrigoni purchased 5,000 shares of MGIC Investment stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $12.29 per share, for a total transaction of $61,450.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.81% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in MTG. Factorial Partners LLC lifted its stake in MGIC Investment by 0.7% in the second quarter. Factorial Partners LLC now owns 143,000 shares of the insurance provider’s stock worth $1,879,000 after purchasing an additional 1,000 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in MGIC Investment by 7.7% in the second quarter. State of Alaska Department of Revenue now owns 24,095 shares of the insurance provider’s stock worth $316,000 after purchasing an additional 1,721 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in MGIC Investment in the second quarter worth $26,000. NumerixS Investment Technologies Inc lifted its stake in MGIC Investment by 8.3% in the first quarter. NumerixS Investment Technologies Inc now owns 27,174 shares of the insurance provider’s stock worth $362,000 after purchasing an additional 2,087 shares during the last quarter. Finally, Swiss National Bank lifted its stake in MGIC Investment by 0.4% in the second quarter. Swiss National Bank now owns 661,700 shares of the insurance provider’s stock worth $8,695,000 after purchasing an additional 2,700 shares during the last quarter. Institutional investors own 92.92% of the company’s stock.
A number of research analysts have recently commented on MTG shares. Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Monday, July 29th. ValuEngine upgraded shares of MGIC Investment from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $15.58.
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 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.
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