Edgestream Partners L.P. Buys 120,055 Shares of MGIC Investment Corporation (NYSE:MTG)

Edgestream Partners L.P. increased its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 121.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 218,829 shares of the insurance provider's stock after acquiring an additional 120,055 shares during the period. Edgestream Partners L.P. owned about 0.09% of MGIC Investment worth $5,423,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. MQS Management LLC purchased a new position in MGIC Investment in the 1st quarter worth approximately $594,000. A&I Financial Services LLC grew its position in MGIC Investment by 40.6% in the 1st quarter. A&I Financial Services LLC now owns 26,946 shares of the insurance provider's stock worth $668,000 after purchasing an additional 7,786 shares during the period. CWM LLC grew its position in MGIC Investment by 76.3% in the 1st quarter. CWM LLC now owns 8,825 shares of the insurance provider's stock worth $219,000 after purchasing an additional 3,820 shares during the period. Cerity Partners LLC grew its position in MGIC Investment by 59.2% in the 1st quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider's stock worth $1,940,000 after purchasing an additional 29,104 shares during the period. Finally, Alps Advisors Inc. grew its position in MGIC Investment by 7.7% in the 1st quarter. Alps Advisors Inc. now owns 440,085 shares of the insurance provider's stock worth $10,905,000 after purchasing an additional 31,636 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Compass Point reaffirmed a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Finally, Barclays lifted 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 report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, MGIC Investment currently has an average rating of "Hold" and an average target price of $26.88.

MGIC Investment Stock Performance

Shares of NYSE:MTG traded down $0.08 during midday trading on Friday, hitting $25.23. The company had a trading volume of 869,802 shares, compared to its average volume of 1,897,217. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.25 and a quick ratio of 1.25. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 8.39, a PEG ratio of 2.30 and a beta of 0.89. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The company has a fifty day moving average of $26.66 and a two-hundred day moving average of $25.09.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. The firm had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. MGIC Investment's revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 EPS. On average, equities research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 17.28%.

MGIC Investment declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 24th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 12.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the transaction, the executive vice president owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.05% of the company's stock.

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.