MGIC Investment Corp. (NYSE:MTG) Holdings Boosted by Two Sigma Investments LP

Two Sigma Investments LP boosted its stake in shares of MGIC Investment Corp. (NYSE:MTG) by 210.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 752,344 shares of the insurance provider’s stock after purchasing an additional 509,855 shares during the period. Two Sigma Investments LP owned 0.21% of MGIC Investment worth $7,870,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its stake in MGIC Investment by 283.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 76,955 shares of the insurance provider’s stock worth $1,024,000 after purchasing an additional 56,889 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of MGIC Investment by 1.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,296,246 shares of the insurance provider’s stock worth $17,253,000 after purchasing an additional 22,358 shares during the period. Commonwealth Bank of Australia purchased a new stake in shares of MGIC Investment in the 3rd quarter worth approximately $753,000. Janus Henderson Group PLC lifted its position in shares of MGIC Investment by 4.9% in the 3rd quarter. Janus Henderson Group PLC now owns 3,791,663 shares of the insurance provider’s stock worth $50,467,000 after purchasing an additional 175,584 shares during the period. Finally, Panagora Asset Management Inc. lifted its position in shares of MGIC Investment by 46.9% in the 3rd quarter. Panagora Asset Management Inc. now owns 1,544,573 shares of the insurance provider’s stock worth $20,558,000 after purchasing an additional 493,474 shares during the period. 94.08% of the stock is owned by institutional investors.

MTG has been the subject of a number of analyst reports. ValuEngine cut shares of MGIC Investment from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th. Zacks Investment Research cut shares of MGIC Investment from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. MGIC Investment presently has an average rating of “Hold” and an average target price of $16.05.

NYSE:MTG traded down $0.16 during midday trading on Monday, reaching $13.80. 1,859,176 shares of the stock traded hands, compared to its average volume of 2,455,863. MGIC Investment Corp. has a 12-month low of $9.41 and a 12-month high of $14.14. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 1.77 and a beta of 1.79.

MGIC Investment (NYSE:MTG) last posted its earnings results on Thursday, January 17th. The insurance provider reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 19.64%. The company had revenue of $285.60 million during the quarter, compared to analysts’ expectations of $286.42 million. During the same quarter in the prior year, the company posted $0.43 earnings per share. MGIC Investment’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, analysts expect that MGIC Investment Corp. will post 1.58 EPS for the current year.

MGIC Investment declared that its board has initiated a share buyback program on Wednesday, March 20th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the insurance provider to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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MGIC Investment Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.

Further Reading: What are retained earnings?

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

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