Renaissance Technologies LLC Sells 12,400 Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Renaissance Technologies LLC reduced its position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 413,412 shares of the software maker’s stock after selling 12,400 shares during the period. Renaissance Technologies LLC owned approximately 0.84% of Magic Software Enterprises worth $4,973,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Truffle Hound Capital LLC acquired a new position in shares of Magic Software Enterprises during the fourth quarter valued at about $5,173,000. Bank of New York Mellon Corp acquired a new position in Magic Software Enterprises during the 4th quarter valued at about $1,392,000. JPMorgan Chase & Co. increased its holdings in Magic Software Enterprises by 21.1% during the 4th quarter. JPMorgan Chase & Co. now owns 112,782 shares of the software maker’s stock worth $1,357,000 after purchasing an additional 19,616 shares in the last quarter. Geode Capital Management LLC increased its holdings in Magic Software Enterprises by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock worth $699,000 after purchasing an additional 2,587 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares during the last quarter. Institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Stock Up 0.5 %

MGIC stock opened at $13.30 on Monday. The stock has a market cap of $653.02 million, a P/E ratio of 19.00 and a beta of 1.01. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $13.00 and its two-hundred day simple moving average is $12.26. Magic Software Enterprises Ltd. has a 1-year low of $9.51 and a 1-year high of $14.24.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $142.58 million for the quarter, compared to the consensus estimate of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. Analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd will be issued a $0.327 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a yield of 4.6%. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.24. Magic Software Enterprises’s dividend payout ratio (DPR) is 86.67%.

Analyst Ratings Changes

MGIC has been the subject of several recent research reports. Barclays upped their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 13th. William Blair downgraded shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th. Finally, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 13th.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.