AlphaQuest LLC Purchases 107,988 Shares of MGIC Investment Corporation $MTG

Key Points

• AlphaQuest LLC increased its stake in MGIC Investment Corporation by 230.3%, acquiring an additional 107,988 shares and making MGIC its 5th largest holding.
• Insider sales included COO Salvatore A. Miosi selling 30,000 shares and CEO Timothy J. Mattke selling 139,203 shares, reflecting a notable decrease in both executives' positions.
• MGIC Investment announced a quarterly dividend of $0.15 per share, an increase from the previous dividend, representing an annualized yield of 2.2%.

AlphaQuest LLC raised its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 230.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 154,873 shares of the insurance provider's stock after acquiring an additional 107,988 shares during the period. MGIC Investment makes up 0.4% of AlphaQuest LLC's investment portfolio, making the stock its 5th largest holding. AlphaQuest LLC owned 0.07% of MGIC Investment worth $3,838,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MTG. Wells Fargo & Company MN lifted its stake in shares of MGIC Investment by 14.8% in the 4th quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock worth $2,157,000 after acquiring an additional 11,721 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of MGIC Investment by 5.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 74,279 shares of the insurance provider's stock worth $1,761,000 after acquiring an additional 3,715 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of MGIC Investment in the 4th quarter worth $1,740,000. MetLife Investment Management LLC lifted its stake in shares of MGIC Investment by 6.7% in the 4th quarter. MetLife Investment Management LLC now owns 142,892 shares of the insurance provider's stock worth $3,388,000 after acquiring an additional 8,943 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in shares of MGIC Investment by 2,492.3% in the 4th quarter. Hsbc Holdings PLC now owns 237,014 shares of the insurance provider's stock worth $5,633,000 after acquiring an additional 227,871 shares during the period. Institutional investors and hedge funds own 95.58% of the company's stock.

Insider Buying and Selling at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at approximately $29,220,380.76. The trade was a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction of $786,600.00. Following the transaction, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 189,203 shares of company stock valued at $5,010,848 over the last ninety days. Corporate insiders own 1.41% of the company's stock.

MGIC Investment Trading Down 0.2%

MGIC Investment stock traded down $0.05 during trading on Tuesday, reaching $27.87. The company had a trading volume of 1,992,457 shares, compared to its average volume of 2,163,403. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The stock's 50 day moving average price is $26.81 and its two-hundred day moving average price is $25.52. The firm has a market capitalization of $6.42 billion, a price-to-earnings ratio of 9.14, a PEG ratio of 2.04 and a beta of 0.90. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. MGIC Investment's revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.77 earnings per share. As a group, equities analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 7th. MGIC Investment's dividend payout ratio is presently 19.67%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MTG. Barclays raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Compass Point reiterated a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $26.67.

MGIC Investment Company 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 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.