Millennium Management LLC Purchases 248,569 Shares of MGIC Investment Corp. (MTG)
Millennium Management LLC increased its position in shares of MGIC Investment Corp. (NYSE:MTG) by 6.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,213,964 shares of the insurance provider’s stock after purchasing an additional 248,569 shares during the period. Millennium Management LLC owned 1.16% of MGIC Investment worth $45,174,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in shares of MGIC Investment by 12.8% during the first quarter. Wells Fargo & Company MN now owns 1,915,214 shares of the insurance provider’s stock valued at $24,897,000 after acquiring an additional 216,970 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of MGIC Investment by 2.2% in the first quarter. American Century Companies Inc. now owns 307,219 shares of the insurance provider’s stock valued at $3,994,000 after purchasing an additional 6,745 shares during the period. Swiss National Bank boosted its stake in shares of MGIC Investment by 2.2% in the first quarter. Swiss National Bank now owns 645,100 shares of the insurance provider’s stock valued at $8,386,000 after purchasing an additional 13,900 shares during the period. Aperio Group LLC boosted its stake in shares of MGIC Investment by 14.1% in the first quarter. Aperio Group LLC now owns 72,916 shares of the insurance provider’s stock valued at $948,000 after purchasing an additional 9,010 shares during the period. Finally, Systematic Financial Management LP purchased a new position in shares of MGIC Investment in the first quarter valued at approximately $1,336,000. Hedge funds and other institutional investors own 91.31% of the company’s stock.
Several research analysts have recently commented on MTG shares. B. Riley raised their price objective on shares of MGIC Investment from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Bank of America raised their price objective on shares of MGIC Investment from $13.00 to $23.00 and gave the company an “underperform” rating in a research note on Monday, August 13th. ValuEngine raised shares of MGIC Investment from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. Finally, Zacks Investment Research raised shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, June 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $16.42.
MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 18th. The insurance provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.13. The business had revenue of $282.00 million during the quarter, compared to the consensus estimate of $269.97 million. MGIC Investment had a net margin of 43.85% and a return on equity of 19.18%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.49 EPS. As a group, equities research analysts predict that MGIC Investment Corp. will post 1.59 EPS for the current fiscal year.
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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