Investors Purchase Large Volume of Put Options on MGIC Investment (NYSE:MTG)
MGIC Investment Corp. (NYSE:MTG) saw some unusual options trading on Monday. Stock investors purchased 1,346 put options on the company. This is an increase of 2,488% compared to the typical volume of 52 put options.
Shares of NYSE:MTG opened at $14.09 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.20. The firm has a market cap of $5.02 billion, a P/E ratio of 7.92, a P/E/G ratio of 1.64 and a beta of 1.50. MGIC Investment has a 12 month low of $9.41 and a 12 month high of $14.97. The company’s 50-day moving average price is $13.96 and its two-hundred day moving average price is $13.36.
MGIC Investment (NYSE:MTG) last announced its earnings results on Tuesday, October 22nd. The insurance provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.05. MGIC Investment had a net margin of 55.08% and a return on equity of 16.61%. The company had revenue of $318.38 million during the quarter, compared to the consensus estimate of $299.00 million. During the same period in the previous year, the firm posted $0.48 earnings per share. The company’s revenue was up 9.6% on a year-over-year basis. As a group, equities analysts predict that MGIC Investment will post 1.76 earnings per share for the current fiscal year.
In other news, CAO Julie K. Sperber sold 5,535 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $14.05, for a total transaction of $77,766.75. Following the completion of the sale, the chief accounting officer now owns 75,747 shares of the company’s stock, valued at $1,064,245.35. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Patrick Sinks sold 88,520 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $13.87, for a total transaction of $1,227,772.40. Following the sale, the insider now directly owns 1,882,108 shares of the company’s stock, valued at approximately $26,104,837.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 475,863 shares of company stock valued at $6,683,987. Company insiders own 0.81% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. First Trust Advisors LP boosted its position in MGIC Investment by 5.7% in the 1st quarter. First Trust Advisors LP now owns 322,155 shares of the insurance provider’s stock valued at $4,249,000 after buying an additional 17,470 shares during the last quarter. First Hawaiian Bank boosted its holdings in MGIC Investment by 14.9% in the second quarter. First Hawaiian Bank now owns 27,460 shares of the insurance provider’s stock valued at $361,000 after acquiring an additional 3,560 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new position in MGIC Investment in the second quarter valued at about $2,934,000. Arden Trust Co bought a new position in MGIC Investment in the second quarter valued at about $385,000. Finally, FNY Investment Advisers LLC acquired a new stake in MGIC Investment in the second quarter worth about $80,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.
MTG has been the topic of a number of research analyst reports. ValuEngine lowered MGIC Investment from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 5th. Deutsche Bank lifted their price objective on MGIC Investment from $18.00 to $18.50 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. B. Riley reissued a “buy” rating on shares of MGIC Investment in a research note on Tuesday, October 15th. Finally, Zacks Investment Research upgraded MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. MGIC Investment presently has an average rating of “Buy” and a consensus price target of $16.13.
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 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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