Oarsman Capital Inc. Reduces Stake in MGIC Investment Corporation $MTG

Oarsman Capital Inc. lowered its holdings in MGIC Investment Corporation (NYSE:MTG) by 4.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 58,305 shares of the insurance provider’s stock after selling 2,894 shares during the quarter. Oarsman Capital Inc.’s holdings in MGIC Investment were worth $1,623,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of MTG. WPG Advisers LLC purchased a new stake in MGIC Investment in the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. purchased a new stake in MGIC Investment in the 1st quarter worth approximately $33,000. Quarry LP purchased a new stake in MGIC Investment in the 1st quarter worth approximately $38,000. Geneos Wealth Management Inc. lifted its holdings in MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new stake in MGIC Investment in the 2nd quarter worth approximately $49,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Down 0.8%

Shares of NYSE MTG opened at $26.78 on Wednesday. The stock has a market capitalization of $6.17 billion, a P/E ratio of 8.78, a PEG ratio of 1.95 and a beta of 0.88. The business’s 50 day moving average is $27.77 and its two-hundred day moving average is $26.76. 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 released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million for the quarter, compared to analysts’ expectations of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The company’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.77 earnings per share. As a group, research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. MGIC Investment’s dividend payout ratio is currently 19.67%.

Insiders Place Their Bets

In related news, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the transaction, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at $26,054,918.19. This represents a 12.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the sale, the chief operating officer directly owned 189,401 shares in the company, valued at $5,331,638.15. This represents a 13.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 338,406 shares of company stock valued at $9,096,557. 1.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MTG shares. Barclays raised their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research report on Monday, October 6th. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $26.83.

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.