MGIC Investment Corporation (NYSE:MTG) Shares Bought by Capital World Investors

Capital World Investors grew its position in MGIC Investment Corporation (NYSE:MTG) by 31.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,766,039 shares of the insurance provider’s stock after purchasing an additional 1,146,039 shares during the period. Capital World Investors owned about 1.29% of MGIC Investment Corporation worth $53,380,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MTG. Vanguard Group Inc. increased its holdings in MGIC Investment Corporation by 9.9% during the second quarter. Vanguard Group Inc. now owns 34,753,956 shares of the insurance provider’s stock worth $389,244,000 after buying an additional 3,120,511 shares during the last quarter. BlackRock Inc. increased its holdings in MGIC Investment Corporation by 1.6% during the second quarter. BlackRock Inc. now owns 25,319,890 shares of the insurance provider’s stock worth $283,585,000 after buying an additional 397,421 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in MGIC Investment Corporation by 29.6% during the second quarter. Bank of New York Mellon Corp now owns 13,197,831 shares of the insurance provider’s stock worth $147,815,000 after buying an additional 3,013,777 shares during the last quarter. State Street Corp increased its holdings in MGIC Investment Corporation by 7.0% during the first quarter. State Street Corp now owns 12,822,808 shares of the insurance provider’s stock worth $129,896,000 after buying an additional 836,939 shares during the last quarter. Finally, LSV Asset Management increased its holdings in MGIC Investment Corporation by 4.1% during the second quarter. LSV Asset Management now owns 12,560,022 shares of the insurance provider’s stock worth $140,672,000 after buying an additional 490,096 shares during the last quarter. Institutional investors own 89.43% of the company’s stock.

A number of research firms recently issued reports on MTG. Zacks Investment Research downgraded shares of MGIC Investment Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. BTIG Research reiterated a “buy” rating and set a $14.00 target price (up previously from $12.00) on shares of MGIC Investment Corporation in a research report on Saturday, July 22nd. BidaskClub upgraded shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Compass Point reiterated a “buy” rating and set a $15.25 target price (up previously from $13.00) on shares of MGIC Investment Corporation in a research report on Wednesday, October 11th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 target price on shares of MGIC Investment Corporation in a research report on Thursday, August 31st. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. MGIC Investment Corporation has an average rating of “Buy” and a consensus target price of $12.78.

Shares of MGIC Investment Corporation (MTG) opened at 13.06 on Tuesday. The stock has a market capitalization of $4.84 billion, a P/E ratio of 13.45 and a beta of 2.16. The company has a 50-day moving average of $11.90 and a 200-day moving average of $11.27. MGIC Investment Corporation has a 52 week low of $7.94 and a 52 week high of $13.20.

MGIC Investment Corporation (NYSE:MTG) last released its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. MGIC Investment Corporation had a return on equity of 16.56% and a net margin of 34.99%. The company had revenue of $263.31 million for the quarter, compared to analyst estimates of $263.43 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. On average, analysts anticipate that MGIC Investment Corporation will post $1.14 EPS for the current year.

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About MGIC Investment Corporation

MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.

Institutional Ownership by Quarter for MGIC Investment Corporation (NYSE:MTG)

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