Odyssean LLC Makes New Investment in MGIC Investment Corporation $MTG

Odyssean LLC acquired a new position in MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 19,710 shares of the insurance provider’s stock, valued at approximately $556,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MTG. BlackRock Inc. bought a new position in MGIC Investment in the 2nd quarter worth $618,467,000. AQR Capital Management LLC raised its holdings in MGIC Investment by 31.3% during the fourth quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock valued at $339,428,000 after acquiring an additional 2,771,533 shares during the period. Geode Capital Management LLC lifted its position in shares of MGIC Investment by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock valued at $163,368,000 after acquiring an additional 146,589 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of MGIC Investment by 1.0% in the fourth quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock valued at $146,397,000 after acquiring an additional 48,064 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of MGIC Investment by 1.7% in the fourth quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock worth $134,684,000 after acquiring an additional 76,306 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Royal Bank Of Canada increased their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Keefe, Bruyette & Woods upped their price target on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Barclays cut their price objective 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. Finally, Roth Capital reissued a “buy” rating and issued a $35.00 target price on shares of MGIC Investment in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.60.

MGIC Investment Trading Up 0.1%

Shares of MTG opened at $31.27 on Thursday. The stock has a market capitalization of $6.41 billion, a PE ratio of 9.77, a P/E/G ratio of 0.79 and a beta of 0.66. The company’s fifty day moving average is $29.31 and its 200 day moving average is $27.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. During the same quarter last year, the business earned $0.82 earnings per share. MGIC Investment’s quarterly revenue was down 2.9% compared to the same quarter last year. Sell-side analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, August 5th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is 21.25%.

Insider Transactions at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares in the company, valued at $14,236,936.38. The trade was a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 70,937 shares of company stock valued at $1,902,340. 1.34% of the stock is owned by insiders.

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.