Spectrum Strategic Capital Management LLC Purchases New Shares in MGIC Investment Corporation $MTG

Spectrum Strategic Capital Management LLC purchased a new stake in MGIC Investment Corporation (NYSE:MTG) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 19,459 shares of the insurance provider’s stock, valued at approximately $569,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Alps Advisors Inc. boosted its holdings in shares of MGIC Investment by 60.6% during the third quarter. Alps Advisors Inc. now owns 701,943 shares of the insurance provider’s stock worth $19,914,000 after purchasing an additional 264,968 shares during the period. Lingohr Asset Management GmbH boosted its holdings in shares of MGIC Investment by 1,625.5% during the third quarter. Lingohr Asset Management GmbH now owns 233,534 shares of the insurance provider’s stock worth $6,625,000 after purchasing an additional 220,000 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of MGIC Investment by 17.8% during the third quarter. Thrivent Financial for Lutherans now owns 472,083 shares of the insurance provider’s stock worth $13,393,000 after purchasing an additional 71,474 shares during the period. Tudor Investment Corp ET AL boosted its holdings in shares of MGIC Investment by 106.1% during the third quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock worth $19,503,000 after purchasing an additional 353,935 shares during the period. Finally, Assetmark Inc. boosted its holdings in shares of MGIC Investment by 1,208.1% during the third quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock worth $47,496,000 after purchasing an additional 1,546,173 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insiders Place Their Bets

In related news, COO Salvatore A. Miosi sold 10,931 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $26.25, for a total transaction of $286,938.75. Following the transaction, the chief operating officer owned 590,951 shares of the company’s stock, valued at approximately $15,512,463.75. The trade was a 1.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 139,202 shares of the business’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the transaction, the chief executive officer directly owned 1,118,005 shares in the company, valued at $29,615,952.45. This trade represents a 11.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on MTG shares. Barclays decreased their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Weiss Ratings cut shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. Finally, UBS Group reduced their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and a consensus price target of $28.25.

MGIC Investment Trading Down 0.1%

NYSE:MTG opened at $25.88 on Monday. MGIC Investment Corporation has a 12 month low of $24.77 and a 12 month high of $29.97. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 8.21, a P/E/G ratio of 1.58 and a beta of 0.71. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $26.80 and its 200-day moving average is $27.43.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same quarter last year, the firm posted $0.75 earnings per share. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. Equities analysts anticipate that MGIC Investment Corporation will post 3.06 EPS for the current year.

MGIC Investment declared that its Board of Directors has initiated a share buyback program on Thursday, April 23rd that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Wednesday, May 6th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s payout ratio is 19.05%.

MGIC Investment Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.