Dark Forest Capital Management LP Decreases Stake in MGIC Investment Co. (NYSE:MTG)

Dark Forest Capital Management LP lessened its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 61.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,702 shares of the insurance provider's stock after selling 14,085 shares during the period. Dark Forest Capital Management LP's holdings in MGIC Investment were worth $206,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MTG. Barclays PLC lifted its holdings in MGIC Investment by 75.1% in the third quarter. Barclays PLC now owns 457,706 shares of the insurance provider's stock valued at $11,716,000 after buying an additional 196,252 shares during the period. World Investment Advisors LLC bought a new stake in shares of MGIC Investment in the third quarter worth about $619,000. Franklin Resources Inc. lifted its stake in MGIC Investment by 6.5% in the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider's stock valued at $41,836,000 after buying an additional 98,369 shares in the last quarter. DGS Capital Management LLC increased its holdings in MGIC Investment by 6.2% during the 3rd quarter. DGS Capital Management LLC now owns 85,797 shares of the insurance provider's stock worth $2,196,000 after purchasing an additional 4,974 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in MGIC Investment by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 424,767 shares of the insurance provider's stock valued at $10,114,000 after buying an additional 18,399 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

MTG has been the subject of a number of analyst reports. Compass Point reissued a "neutral" rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods lowered their price objective on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. UBS Group raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Barclays lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $26.50.

Insider Buying and Selling

In other news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. This trade represents a 5.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.05% of the stock is owned by corporate insiders.

MGIC Investment Price Performance

Shares of MTG stock traded up $0.78 during trading hours on Friday, hitting $26.09. The stock had a trading volume of 2,048,805 shares, compared to its average volume of 1,803,039. The stock's 50-day moving average price is $23.95 and its two-hundred day moving average price is $24.45. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment Co. has a one year low of $20.11 and a one year high of $26.56. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 9.00 and a beta of 0.93.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.09. The business had revenue of $306.23 million for the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The business's revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. Equities analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Thursday, May 8th. MGIC Investment's payout ratio is 17.28%.

MGIC Investment announced that its board has authorized a stock repurchase plan on Thursday, April 24th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

MGIC Investment 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.