MGIC Investment (NYSE:MTG) Receives "Buy (A-)" Rating from Weiss Ratings

Key Points

• MGIC Investment has received a "Buy (A-)" rating from Weiss Ratings, indicating strong confidence in the stock's potential.
• Barclays and Keefe, Bruyette & Woods have raised their target prices for MGIC Investment to $28.00 and $27.00, respectively, amidst a mixed rating outlook from various analysts.
• In recent insider trading, COO Salvatore A. Miosi and CEO Timothy J. Mattke sold significant portions of their shares, reflecting a decrease in their ownership positions.

MGIC Investment (NYSE:MTG - Get Free Report)'s stock had its "buy (a-)" rating restated by stock analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also issued reports on the company. Barclays lifted their target price on MGIC Investment from $27.00 to $28.00 and gave the company a "cautious" rating in a research report on Monday. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $26.83.

MGIC Investment Trading Down 0.4%

MGIC Investment stock traded down $0.10 during mid-day trading on Wednesday, hitting $26.88. The stock had a trading volume of 82,283 shares, compared to its average volume of 2,134,827. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment has a 12 month low of $21.94 and a 12 month high of $29.01. The stock has a market capitalization of $6.20 billion, a PE ratio of 8.81, a P/E/G ratio of 1.96 and a beta of 0.88. The stock has a 50-day simple moving average of $27.77 and a two-hundred day simple moving average of $26.42.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The firm had revenue of $304.25 million for the quarter, compared to analysts' expectations of $306.25 million. During the same quarter last year, the business earned $0.77 earnings per share. The company's revenue was down .3% compared to the same quarter last year. As a group, sell-side analysts forecast that MGIC Investment will post 2.71 EPS for the current year.

Insider Buying and Selling

In related news, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares of the company's stock, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 338,406 shares of company stock worth $9,096,557 over the last three months. 1.05% of the stock is owned by insiders.

Institutional Trading of MGIC Investment

Several institutional investors and hedge funds have recently modified their holdings of MTG. GAMMA Investing LLC lifted its position in shares of MGIC Investment by 3,346.4% during the 1st quarter. GAMMA Investing LLC now owns 150,365 shares of the insurance provider's stock worth $3,726,000 after buying an additional 146,002 shares during the last quarter. Merit Financial Group LLC bought a new stake in shares of MGIC Investment during the 1st quarter worth $232,000. UMB Bank n.a. lifted its position in shares of MGIC Investment by 61.3% during the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after buying an additional 1,011 shares during the last quarter. Miracle Mile Advisors LLC lifted its position in shares of MGIC Investment by 31.5% during the 1st quarter. Miracle Mile Advisors LLC now owns 11,888 shares of the insurance provider's stock worth $295,000 after buying an additional 2,847 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in MGIC Investment in the first quarter valued at about $466,000. 95.58% of the stock is currently owned by institutional investors.

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.

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