MARSHALL WACE ASIA Ltd Takes $4.40 Million Position in MGIC Investment Corp. (MTG)
MARSHALL WACE ASIA Ltd acquired a new stake in MGIC Investment Corp. (NYSE:MTG) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 330,435 shares of the insurance provider’s stock, valued at approximately $4,398,000. MARSHALL WACE ASIA Ltd owned 0.09% of MGIC Investment as of its most recent SEC filing.
Several other large investors have also made changes to their positions in MTG. Capital International Investors purchased a new stake in shares of MGIC Investment in the third quarter valued at $64,660,000. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of MGIC Investment during the third quarter valued at approximately $22,794,000. Macquarie Group Ltd. grew its holdings in shares of MGIC Investment by 32.5% during the third quarter. Macquarie Group Ltd. now owns 6,713,779 shares of the insurance provider’s stock valued at $89,361,000 after purchasing an additional 1,645,034 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of MGIC Investment by 38.6% during the second quarter. Renaissance Technologies LLC now owns 5,816,754 shares of the insurance provider’s stock valued at $62,356,000 after purchasing an additional 1,618,954 shares during the last quarter. Finally, First Quadrant L P CA bought a new position in shares of MGIC Investment during the third quarter valued at approximately $19,758,000. 91.74% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:MTG traded down $0.02 during midday trading on Friday, hitting $11.23. The company’s stock had a trading volume of 422,823 shares, compared to its average volume of 3,250,170. The company has a market cap of $4.05 billion, a P/E ratio of 8.26, a P/E/G ratio of 1.29 and a beta of 1.77. MGIC Investment Corp. has a fifty-two week low of $9.97 and a fifty-two week high of $16.21. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.35 and a current ratio of 0.35.
In other MGIC Investment news, Director Michael E. Lehman purchased 7,000 shares of the stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $11.70 per share, with a total value of $81,900.00. Following the completion of the transaction, the director now owns 29,989 shares in the company, valued at approximately $350,871.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.01% of the company’s stock.
MTG has been the subject of several recent research reports. Royal Bank of Canada reaffirmed a “hold” rating and set a $14.00 target price on shares of MGIC Investment in a report on Sunday, October 21st. Bank of America increased their target price on shares of MGIC Investment from $13.00 to $23.00 and gave the stock an “underperform” rating in a research report on Monday, August 13th. Susquehanna Bancshares set a $17.00 target price on shares of MGIC Investment and gave the stock a “buy” rating in a research report on Thursday, October 18th. Compass Point increased their target price on shares of MGIC Investment from $14.50 to $16.50 and gave the stock a “buy” rating in a research report on Monday, October 22nd. Finally, ValuEngine downgraded shares of MGIC Investment from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. MGIC Investment presently has an average rating of “Buy” and a consensus target price of $16.04.
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About MGIC Investment
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance 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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