MGIC Investment Corp. (MTG) Short Interest Down 26.4% in October
MGIC Investment Corp. (NYSE:MTG) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 11,218,357 shares, a decline of 26.4% from the October 14th total of 15,238,892 shares. Approximately 3.3% of the company’s stock are sold short. Based on an average daily trading volume, of 6,001,013 shares, the short-interest ratio is currently 1.9 days.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.82 on Tuesday. The firm’s 50 day moving average price is $8.21 and its 200-day moving average price is $7.33. MGIC Investment Corp. has a 1-year low of $5.36 and a 1-year high of $9.66. The company has a market capitalization of $3.00 billion, a P/E ratio of 10.65 and a beta of 2.41.
MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings data on Tuesday, October 18th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.06. MGIC Investment Corp. had a return on equity of 16.64% and a net margin of 32.02%. The company had revenue of $273.90 million for the quarter, compared to the consensus estimate of $259.57 million. During the same quarter last year, the company earned $0.29 earnings per share. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. Analysts expect that MGIC Investment Corp. will post $0.86 EPS for the current year.
Several equities analysts have recently issued reports on MTG shares. Zacks Investment Research raised MGIC Investment Corp. from a “hold” rating to a “strong-buy” rating and set a $9.25 price target for the company in a research report on Wednesday, October 5th. MKM Partners reaffirmed a “buy” rating on shares of MGIC Investment Corp. in a research report on Thursday, August 25th. FBR & Co reaffirmed an “outperform” rating on shares of MGIC Investment Corp. in a research report on Friday, September 23rd. Bank of America Corp. started coverage on MGIC Investment Corp. in a research report on Monday, October 17th. They issued a “buy” rating and a $10.00 price target for the company. Finally, Keefe, Bruyette & Woods lifted their price target on MGIC Investment Corp. from $9.00 to $9.50 and gave the stock an “outperform” rating in a research report on Tuesday, October 4th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $9.70.
A number of large investors have recently modified their holdings of MTG. Invictus RG increased its stake in shares of MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock worth $102,000 after buying an additional 7,160 shares during the last quarter. World Asset Management Inc acquired a new stake in MGIC Investment Corp. during the third quarter worth approximately $108,000. Creative Planning boosted its stake in MGIC Investment Corp. by 3.3% in the third quarter. Creative Planning now owns 14,325 shares of the company’s stock worth $115,000 after buying an additional 457 shares during the period. Reliance Trust Co. of Delaware acquired a new stake in MGIC Investment Corp. during the third quarter worth approximately $121,000. Finally, Boothbay Fund Management LLC boosted its stake in MGIC Investment Corp. by 2.0% in the first quarter. Boothbay Fund Management LLC now owns 16,808 shares of the company’s stock worth $129,000 after buying an additional 333 shares during the period. 93.42% of the stock is currently owned by institutional investors.
About MGIC Investment Corp.
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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