D.A. Davidson & CO. Has $438,000 Position in Mercury General Corporation $MCY

D.A. Davidson & CO. reduced its holdings in Mercury General Corporation (NYSE:MCY) by 17.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,504 shares of the insurance provider’s stock after selling 1,401 shares during the quarter. D.A. Davidson & CO.’s holdings in Mercury General were worth $438,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCY. Westwood Holdings Group Inc. acquired a new stake in shares of Mercury General in the first quarter valued at about $27,485,000. Nuveen LLC acquired a new stake in shares of Mercury General in the first quarter valued at about $12,515,000. AQR Capital Management LLC grew its position in shares of Mercury General by 57.0% in the first quarter. AQR Capital Management LLC now owns 340,029 shares of the insurance provider’s stock valued at $19,008,000 after purchasing an additional 123,440 shares during the last quarter. American Century Companies Inc. grew its position in shares of Mercury General by 32.9% in the first quarter. American Century Companies Inc. now owns 405,464 shares of the insurance provider’s stock valued at $22,665,000 after purchasing an additional 100,472 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Mercury General by 84.6% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 216,735 shares of the insurance provider’s stock valued at $12,115,000 after purchasing an additional 99,354 shares during the last quarter. 42.39% of the stock is owned by institutional investors and hedge funds.

Mercury General Stock Down 0.0%

NYSE MCY opened at $76.78 on Thursday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average is $79.83 and its two-hundred day moving average is $69.65. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 10.91 and a beta of 0.98. Mercury General Corporation has a 1-year low of $44.19 and a 1-year high of $87.67.

Mercury General (NYSE:MCY) last released its quarterly earnings data on Tuesday, July 29th. The insurance provider reported $2.67 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $2.77. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.45 billion. Mercury General had a return on equity of 16.61% and a net margin of 6.76%. Equities analysts forecast that Mercury General Corporation will post -0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MCY shares. Raymond James Financial reiterated a “strong-buy” rating and issued a $100.00 target price (up previously from $90.00) on shares of Mercury General in a research note on Monday, September 22nd. Wall Street Zen upgraded shares of Mercury General from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. Zacks Research cut shares of Mercury General from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercury General in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $100.00.

About Mercury General

Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages.