Magic Software Enterprises Ltd. (NASDAQ:MGIC) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC cut its holdings in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 42.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IFP Advisors Inc lifted its holdings in Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after buying an additional 2,000 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Magic Software Enterprises by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker's stock valued at $699,000 after acquiring an additional 2,587 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Magic Software Enterprises by 45.5% during the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock worth $226,000 after purchasing an additional 5,878 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Magic Software Enterprises by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker's stock worth $2,896,000 after purchasing an additional 9,752 shares during the period. Finally, Altshuler Shaham Ltd bought a new stake in Magic Software Enterprises during the fourth quarter valued at $138,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

Magic Software Enterprises Stock Performance

MGIC traded up $0.19 during trading on Friday, reaching $16.35. 26,909 shares of the company were exchanged, compared to its average volume of 56,394. Magic Software Enterprises Ltd. has a 52 week low of $9.51 and a 52 week high of $16.50. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $14.34 and a 200 day moving average of $13.14. The stock has a market cap of $802.77 million, a P/E ratio of 23.36 and a beta of 1.00.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, hitting the consensus estimate of $0.25. The business had revenue of $147.34 million during the quarter, compared to analyst estimates of $143.80 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. On average, sell-side analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal 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 issued a dividend of $0.327 per share. This represents a dividend yield of 4.6%. The ex-dividend date was Tuesday, April 22nd. This is a boost from Magic Software Enterprises's previous semi-annual dividend of $0.24. Magic Software Enterprises's payout ratio is 85.53%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Barclays raised their price target on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 13th. William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th. Finally, Wall Street Zen downgraded Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th.

Magic Software Enterprises Company Profile

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.