AXQ Capital LP Acquires 35,573 Shares of MGIC Investment Corporation $MTG

AXQ Capital LP increased its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 448.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,498 shares of the insurance provider’s stock after purchasing an additional 35,573 shares during the quarter. AXQ Capital LP’s holdings in MGIC Investment were worth $1,234,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTG. True Wealth Design LLC boosted its stake in MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 727 shares during the period. Alpine Bank Wealth Management purchased a new position in shares of MGIC Investment in the third quarter worth $28,000. Hantz Financial Services Inc. boosted its position in shares of MGIC Investment by 3,067.6% during the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 1,043 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in shares of MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 395 shares during the last quarter. Finally, Employees Retirement System of Texas purchased a new position in MGIC Investment during the second quarter valued at $32,000. Institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling

In other news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president directly owned 114,689 shares in the company, valued at approximately $3,155,094.39. This represents a 14.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the completion of the transaction, the chief operating officer owned 454,245 shares in the company, valued at $12,387,261.15. This represents a 6.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 189,203 shares of company stock valued at $5,058,572. Insiders own 1.41% of the company’s stock.

MGIC Investment Stock Down 1.7%

NYSE MTG opened at $25.77 on Tuesday. The company has a quick ratio of 1.48, a current ratio of 0.78 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.97. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 8.21, a PEG ratio of 2.08 and a beta of 0.83. The company has a fifty day moving average of $27.70 and a two-hundred day moving average of $27.82.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. The firm had revenue of $298.65 million during the quarter, compared to analyst estimates of $308.19 million. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. The business’s revenue was down .9% on a year-over-year basis. During the same quarter last year, the business earned $0.72 EPS. On average, analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, February 17th. MGIC Investment’s dividend payout ratio is presently 19.11%.

Analyst Upgrades and Downgrades

Several brokerages have commented on MTG. Keefe, Bruyette & Woods boosted their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Barclays decreased their target price on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. Finally, Weiss Ratings cut MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.00.

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.