Nuveen Asset Management LLC lowered its holdings in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 42.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,879 shares of the software maker's stock after selling 31,126 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.09% of Magic Software Enterprises worth $511,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Truist Financial Corp acquired a new position in Magic Software Enterprises during the fourth quarter worth $189,000. IFP Advisors Inc boosted its position in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after acquiring an additional 2,000 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Magic Software Enterprises in the fourth quarter valued at about $1,392,000. Truffle Hound Capital LLC acquired a new stake in Magic Software Enterprises during the fourth quarter worth about $5,173,000. Finally, Heron Bay Capital Management purchased a new position in Magic Software Enterprises during the fourth quarter worth about $183,000. Hedge funds and other institutional investors own 24.70% of the company's stock.
Magic Software Enterprises Trading Down 1.2%
Shares of NASDAQ:MGIC traded down $0.20 during midday trading on Monday, reaching $16.15. The company's stock had a trading volume of 43,198 shares, compared to its average volume of 56,368. The firm has a market cap of $792.95 million, a price-to-earnings ratio of 23.07 and a beta of 1.00. The business has a 50 day moving average price of $14.34 and a 200 day moving average price of $13.17. Magic Software Enterprises Ltd. has a 1 year low of $9.51 and a 1 year high of $16.50. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, meeting the consensus estimate of $0.25. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The business had revenue of $147.34 million for the quarter, compared to analyst estimates of $143.80 million. Research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.
Magic Software Enterprises Increases Dividend
The firm also recently declared a semi-annual dividend, which was paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd were paid a $0.327 dividend. This is a boost from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a dividend yield of 4.6%. Magic Software Enterprises's dividend payout ratio is presently 85.53%.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the stock. William Blair downgraded shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th. Wall Street Zen downgraded Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th. Finally, Barclays boosted their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Thursday, March 13th.
View Our Latest Research Report on MGIC
About Magic Software Enterprises
(
Free Report)
Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.
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