Wedge Capital Management L L P NC Has $1.49 Million Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Wedge Capital Management L L P NC increased its holdings in MGIC Investment Co. (NYSE:MTG) by 13.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,195 shares of the insurance provider’s stock after purchasing an additional 9,338 shares during the period. Wedge Capital Management L L P NC’s holdings in MGIC Investment were worth $1,489,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MTG. Blue Trust Inc. raised its position in MGIC Investment by 49.2% in the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after purchasing an additional 849 shares in the last quarter. Planned Solutions Inc. acquired a new position in MGIC Investment in the fourth quarter worth about $66,000. USA Financial Formulas acquired a new position in MGIC Investment in the third quarter worth about $100,000. Janiczek Wealth Management LLC raised its position in MGIC Investment by 29.5% in the fourth quarter. Janiczek Wealth Management LLC now owns 5,572 shares of the insurance provider’s stock worth $107,000 after purchasing an additional 1,269 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of MGIC Investment during the third quarter worth approximately $170,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Roth Mkm raised their price objective on shares of MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Royal Bank of Canada raised their price objective on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $24.00 price objective (up previously from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, MGIC Investment has an average rating of “Hold” and an average target price of $21.08.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $20.36 on Friday. MGIC Investment Co. has a fifty-two week low of $13.97 and a fifty-two week high of $22.43. The firm has a market cap of $5.49 billion, a P/E ratio of 8.18, a P/E/G ratio of 1.68 and a beta of 1.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a 50 day simple moving average of $20.43 and a 200 day simple moving average of $19.11.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. MGIC Investment had a net margin of 61.72% and a return on equity of 14.82%. The firm had revenue of $284.72 million for the quarter, compared to analysts’ expectations of $302.96 million. Sell-side analysts predict that MGIC Investment Co. will post 2.43 earnings per share for the current fiscal year.

MGIC Investment 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 District of Columbia, Puerto Rico, and Guam. 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.