Heartland Advisors Inc. Cuts Stake in MGIC Investment Corporation (NYSE:MTG)

Heartland Advisors Inc. reduced its stake in MGIC Investment Corporation (NYSE:MTG) by 2.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,304,562 shares of the insurance provider’s stock after selling 69,373 shares during the quarter. MGIC Investment Corporation comprises approximately 1.9% of Heartland Advisors Inc.’s portfolio, making the stock its biggest holding. Heartland Advisors Inc. owned approximately 0.62% of MGIC Investment Corporation worth $28,876,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gotham Asset Management LLC lifted its holdings in MGIC Investment Corporation by 0.9% during the 1st quarter. Gotham Asset Management LLC now owns 38,583 shares of the insurance provider’s stock worth $391,000 after buying an additional 338 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of MGIC Investment Corporation by 1.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 27,369 shares of the insurance provider’s stock worth $307,000 after acquiring an additional 407 shares during the last quarter. Fiera Capital Corp grew its holdings in shares of MGIC Investment Corporation by 3.6% in the 2nd quarter. Fiera Capital Corp now owns 23,955 shares of the insurance provider’s stock worth $268,000 after acquiring an additional 825 shares during the last quarter. Comerica Bank boosted its position in shares of MGIC Investment Corporation by 8.8% in the second quarter. Comerica Bank now owns 13,806 shares of the insurance provider’s stock worth $163,000 after buying an additional 1,111 shares during the period. Finally, World Asset Management Inc boosted its position in MGIC Investment Corporation by 10.0% during the second quarter. World Asset Management Inc now owns 13,375 shares of the insurance provider’s stock valued at $150,000 after purchasing an additional 1,218 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Shares of MGIC Investment Corporation (NYSE MTG) traded up $0.25 during trading hours on Tuesday, reaching $13.65. 2,530,400 shares of the company traded hands, compared to its average volume of 3,426,558. MGIC Investment Corporation has a twelve month low of $8.45 and a twelve month high of $14.50. The firm has a market cap of $4,965.60, a P/E ratio of 10.98, a P/E/G ratio of 2.22 and a beta of 2.28. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.27 and a quick ratio of 0.27.

MGIC Investment Corporation (NYSE:MTG) last issued its quarterly earnings data on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. MGIC Investment Corporation had a net margin of 41.08% and a return on equity of 16.41%. The firm had revenue of $270.30 million during the quarter, compared to the consensus estimate of $267.85 million. During the same period last year, the business posted $0.14 earnings per share. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. equities research analysts anticipate that MGIC Investment Corporation will post 1.21 earnings per share for the current year.

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A number of brokerages have weighed in on MTG. B. Riley reaffirmed a “buy” rating on shares of MGIC Investment Corporation in a research report on Monday, November 6th. BidaskClub upgraded MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. MKM Partners upped their price objective on MGIC Investment Corporation to $16.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Zacks Investment Research lowered MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, FBR & Co reaffirmed a “buy” rating on shares of MGIC Investment Corporation in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $14.08.

MGIC Investment Corporation Profile

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.

Institutional Ownership by Quarter for MGIC Investment Corporation (NYSE:MTG)

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