The BlackRock Inc. Has $1,035,000 Position in MGIC Investment Corp. (MTG)

The BlackRock Inc. Has $1,035,000 Position in MGIC Investment Corp. (MTG)

BlackRock Inc. boosted its stake in shares of MGIC Investment Corp. (NYSE:MTG) by 8.3% during the third quarter, Holdings Channel reports. The institutional investor owned 129,365 shares of the company’s stock after buying an additional 9,968 shares during the period. BlackRock Inc.’s holdings in MGIC Investment Corp. were worth $1,035,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Creative Planning raised 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 valued at $115,000 after buying an additional 457 shares in the last quarter. Amalgamated Bank raised its stake in MGIC Investment Corp. by 3.1% in the second quarter. Amalgamated Bank now owns 37,262 shares of the company’s stock valued at $272,000 after buying an additional 1,106 shares in the last quarter. Calvert Investment Management Inc. raised its stake in MGIC Investment Corp. by 11.2% in the second quarter. Calvert Investment Management Inc. now owns 26,919 shares of the company’s stock valued at $160,000 after buying an additional 2,718 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in MGIC Investment Corp. by 1.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 246,562 shares of the company’s stock valued at $1,467,000 after buying an additional 3,142 shares in the last quarter. Finally, EagleClaw Capital Managment LLC raised its stake in MGIC Investment Corp. by 9.1% in the second quarter. EagleClaw Capital Managment LLC now owns 42,100 shares of the company’s stock valued at $251,000 after buying an additional 3,500 shares in the last quarter. Institutional investors own 88.91% of the company’s stock.

MGIC Investment Corp. (NYSE:MTG) traded up 1.66% during trading on Thursday, hitting $10.44. 7,574,103 shares of the stock traded hands. The stock has a market cap of $3.56 billion, a P/E ratio of 12.61 and a beta of 2.46. MGIC Investment Corp. has a 52-week low of $5.36 and a 52-week high of $10.79. The company’s 50 day moving average price is $10.13 and its 200-day moving average price is $8.41.

MGIC Investment Corp. (NYSE:MTG) last announced its quarterly earnings data on Thursday, January 19th. The company reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.06. The company earned $266.50 million during the quarter, compared to the consensus estimate of $264.69 million. MGIC Investment Corp. had a net margin of 32.02% and a return on equity of 16.64%. MGIC Investment Corp.’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. Equities research analysts forecast that MGIC Investment Corp. will post $0.84 earnings per share for the current fiscal year.

Several analysts have recently issued reports on MTG shares. Compass Point lowered shares of MGIC Investment Corp. from a “buy” rating to a “hold” rating and set a $10.00 target price on the stock. in a research report on Wednesday, October 19th. Credit Suisse Group AG reiterated a “hold” rating and issued a $10.00 target price (up previously from $8.00) on shares of MGIC Investment Corp. in a research report on Monday, November 28th. Keefe, Bruyette & Woods lifted their target price on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the company an “outperform” rating in a research report on Tuesday, October 4th. Barclays PLC reiterated a “buy” rating and issued a $13.00 target price on shares of MGIC Investment Corp. in a research report on Monday, January 9th. Finally, Deutsche Bank AG upgraded shares of MGIC Investment Corp. from a “hold” rating to a “buy” rating and lifted their target price for the company from $9.00 to $12.00 in a research report on Monday, December 12th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $10.61.

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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