MGIC Investment Co. (NYSE: MTG) sees a significant decline in short-term interest

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MGIC Investment Co. (NYSE: MTG) experienced a significant drop in short-term interest in December. As of December 31, there was short interest for a total of 12,380,000 shares, down 46.5% from the December 15 total of 23,120,000 shares. Based on an average daily trading volume of 3,010,000 shares, the coverage days ratio is currently 4.1 days. Currently, 3.8% of the company’s shares are sold short.

In other MGIC Investment news, director Daniel A. Arrigoni bought 5,000 shares of MGIC Investment in a transaction that occurred on Thursday, December 2. The shares were purchased at an average cost of $ 14.19 per share, for a total transaction of $ 70,950.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, available on the SEC’s website. Corporate insiders own 0.67% of the company’s stock.

Large investors have recently increased or decreased their stakes in the business. JJJ Advisors Inc. increased its holdings in MGIC Investment stock by 122.8% in Q3. JJJ Advisors Inc. now owns 3,509 shares of the insurance company worth $ 52,000 after purchasing another 1,934 shares in the last quarter. Van ECK Associates Corp increased its holdings in MGIC Investment stock by 129.1% in Q2. Van ECK Associates Corp now owns 4,002 shares of the insurance company worth $ 54,000 after purchasing an additional 2,255 shares in the last quarter. William Blair Investment Management LLC purchased a new equity interest in MGIC Investment in Q2 for approximately $ 86,000. Dark Forest Capital Management LP acquired a new equity interest in MGIC Investment in Q2 for approximately $ 142,000. Finally, Colony Group LLC purchased a new equity interest in MGIC Investment in Q2 for approximately $ 150,000. 95.17% of the stock is currently held by institutional investors.

Several equity analysts recently commented on the company. Zacks Investment Research upgraded MGIC Investment from a “hold” rating to a “strong-buy” rating and set a price target of $ 19.00 on the stock in a report on Tuesday, Jan.11. B. Riley raised MGIC Investment’s target price from $ 18.00 to $ 19.00 and gave the company a “buy” rating in a research note on Wednesday, October 13. Barclays raised the target price on MGIC Investment from $ 19.00 to $ 23.00 and gave the company an “overweight” rating in a research note on Monday, Jan.10. Bank of America downgraded MGIC Investment from a “buy” rating to a “neutral” rating and raised the target price for the company from $ 16.00 to $ 16.50 in a research note on Wednesday, November 17. Finally, Credit Suisse Group raised MGIC Investment’s target price from $ 15.00 to $ 16.00 and assigned the company a “neutral” rating in a research note on Monday, October 11. Three research analysts rated the stock with a hold rating, three assigned a buy rating, and one assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $ 18.07.

NYSE: MTG is trading higher by $ 0.01 during trading hours on Friday, reaching $ 16.46. 2,492,547 shares of the stock were traded, against an average volume of 3,381,451. The company has a quick ratio of 0.34, a current ratio of 0.34, and a debt-to-equity ratio of 0.26. The company has a 50-day simple moving average of $ 14.77 and a 200-day simple moving average of $ 14.87. MGIC Investment has a 52-week low of $ 11.56 and a 52-week high of $ 16.84. The stock has a market capitalization of $ 5.36 billion, a P / E ratio of 9.30, a P / E / G ratio of 1.59 and a beta of 1.71.

MGIC Investment (NYSE: MTG) last released earnings results on Wednesday, November 3rd. The insurance company posted EPS of $ 0.46 for the quarter, reaching analyst consensus estimates of $ 0.46. MGIC Investment had a return on equity of 12.61% and a net margin of 51.30%. The company reported revenue of $ 294.74 million for the quarter. During the same period last year, the company earned $ 0.43 EPS. As a group, analysts expect MGIC Investment to post 1.76 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 23. A dividend of $ 0.08 per share was issued to registered shareholders on Thursday 11 November. This represents a dividend of $ 0.32 on an annual basis and a yield of 1.94%. The ex-dividend date was Tuesday 9 November. MGIC Investment’s dividend distribution ratio is currently 18.08%.

Profile of the investment company MGIC

MGIC Investment Corp. is a private mortgage insurer serving lenders throughout the United States and Puerto Rico. It also provides underwriting and other home loan related products and services to lenders through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.

Further reading: Are sell-side analysts objective?

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