AXQ Capital LP Sells 104,031 Shares of MGIC Investment Corporation $MTG

AXQ Capital LP cut its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 66.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,010 shares of the insurance provider's stock after selling 104,031 shares during the quarter. AXQ Capital LP's holdings in MGIC Investment were worth $1,467,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of MTG. Nykredit A S acquired a new stake in shares of MGIC Investment in the second quarter valued at about $87,000. Proficio Capital Partners LLC acquired a new stake in MGIC Investment in the 2nd quarter valued at approximately $435,000. Beacon Pointe Advisors LLC bought a new position in MGIC Investment in the 2nd quarter worth approximately $413,000. Livforsakringsbolaget Skandia Omsesidigt bought a new position in MGIC Investment in the 2nd quarter worth approximately $3,997,000. Finally, Twin Lakes Capital Management LLC acquired a new position in shares of MGIC Investment during the second quarter worth approximately $683,000. Institutional investors own 95.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MTG. Weiss Ratings upgraded MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 19th. Royal Bank Of Canada lifted their price objective on MGIC Investment from $28.00 to $32.00 and gave the stock a "sector perform" rating in a report on Friday, July 31st. Zacks Research upgraded MGIC Investment from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Roth Capital restated a "buy" rating and issued a $35.00 target price on shares of MGIC Investment in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods raised their target price on MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.60.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total value of $606,000.00. Following the transaction, the executive vice president owned 149,620 shares of the company's stock, valued at approximately $4,533,486. The trade was a 11.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore Miosi sold 30,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares of the company's stock, valued at $14,236,936.38. This represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 80,000 shares of company stock worth $2,289,300. Insiders own 1.34% of the company's stock.

MGIC Investment Trading Down 1.5%

NYSE MTG opened at $31.01 on Friday. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $31.89. The stock has a 50-day simple moving average of $29.91 and a 200 day simple moving average of $27.69. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $6.36 billion, a PE ratio of 9.69, a P/E/G ratio of 0.80 and a beta of 0.65.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm had revenue of $295.39 million during the quarter, compared to analysts' expectations of $297.54 million. During the same quarter in the previous year, the company earned $0.82 earnings per share. The business's revenue for the quarter was down 2.9% on a year-over-year basis. Research analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were issued a dividend of $0.17 per share. This is an increase from MGIC Investment's previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.2%. MGIC Investment's dividend payout ratio is 21.25%.

About MGIC Investment

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.

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