Oarsman Capital Inc. Reduces Position in MGIC Investment Co. (NYSE:MTG)

Oarsman Capital Inc. lowered its holdings in MGIC Investment Co. (NYSE:MTG) by 1.0% in the fourth quarter, HoldingsChannel reports. The firm owned 86,762 shares of the insurance provider’s stock after selling 845 shares during the period. Oarsman Capital Inc.’s holdings in MGIC Investment were worth $2,057,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MTG. Franklin Resources Inc. raised its position in shares of MGIC Investment by 6.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after purchasing an additional 98,369 shares in the last quarter. Vestcor Inc raised its holdings in MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after acquiring an additional 50,979 shares in the last quarter. Ritholtz Wealth Management grew its holdings in MGIC Investment by 13.4% during the 4th quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock worth $2,174,000 after acquiring an additional 10,864 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of MGIC Investment by 33.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock worth $958,000 after purchasing an additional 10,130 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in shares of MGIC Investment by 311.0% in the 4th quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider’s stock valued at $1,575,000 after purchasing an additional 50,316 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Down 5.1 %

MGIC Investment stock opened at $23.09 on Friday. The firm has a market capitalization of $5.60 billion, a P/E ratio of 7.96 and a beta of 1.28. The company has a 50-day simple moving average of $24.33 and a 200-day simple moving average of $24.66. MGIC Investment Co. has a one year low of $19.26 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, equities analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were paid a $0.13 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.25%. MGIC Investment’s payout ratio is 17.93%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MTG. Compass Point reissued a “neutral” rating and issued a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Keefe, Bruyette & Woods lowered their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Barclays raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, MGIC Investment has an average rating of “Hold” and a consensus price target of $26.75.

Insider Activity

In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.05% of the company’s stock.

About MGIC Investment

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 District of Columbia, Puerto Rico, and Guam. 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.