Renaissance Technologies LLC Lowers Holdings in MGIC Investment Corp. (MTG)

Renaissance Technologies LLC reduced its position in shares of MGIC Investment Corp. (NYSE:MTG) by 18.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,902,100 shares of the insurance provider’s stock after selling 878,700 shares during the quarter. Renaissance Technologies LLC owned about 1.05% of MGIC Investment worth $55,059,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. AXA increased its holdings in MGIC Investment by 73.1% during the 4th quarter. AXA now owns 1,647,400 shares of the insurance provider’s stock worth $23,245,000 after purchasing an additional 695,800 shares during the period. Geode Capital Management LLC increased its holdings in MGIC Investment by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 3,048,652 shares of the insurance provider’s stock worth $43,016,000 after purchasing an additional 38,833 shares during the period. Investec Asset Management LTD increased its holdings in MGIC Investment by 88.8% during the 4th quarter. Investec Asset Management LTD now owns 1,914,606 shares of the insurance provider’s stock worth $27,015,000 after purchasing an additional 900,552 shares during the period. Reliance Trust Co. of Delaware increased its holdings in MGIC Investment by 33.8% during the 4th quarter. Reliance Trust Co. of Delaware now owns 30,274 shares of the insurance provider’s stock worth $427,000 after purchasing an additional 7,650 shares during the period. Finally, Adams Diversified Equity Fund Inc. purchased a new position in MGIC Investment during the 4th quarter worth $854,000. Institutional investors own 92.75% of the company’s stock.

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Shares of MTG stock opened at $12.82 on Friday. MGIC Investment Corp. has a 1-year low of $9.95 and a 1-year high of $16.21. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.26. The firm has a market cap of $4,765.58, a P/E ratio of 9.43, a price-to-earnings-growth ratio of 1.28 and a beta of 1.95.

MGIC Investment (NYSE:MTG) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.16. MGIC Investment had a return on equity of 17.36% and a net margin of 33.37%. The firm had revenue of $271.50 million for the quarter, compared to the consensus estimate of $273.66 million. During the same period in the previous year, the business earned $0.28 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. equities research analysts forecast that MGIC Investment Corp. will post 1.43 earnings per share for the current fiscal year.

Several research firms have commented on MTG. ValuEngine downgraded MGIC Investment from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 10th. Wells Fargo reiterated a “buy” rating on shares of MGIC Investment in a report on Thursday, February 8th. Zacks Investment Research downgraded MGIC Investment from a “hold” rating to a “sell” rating in a report on Tuesday, March 20th. Macquarie started coverage on MGIC Investment in a report on Wednesday, March 14th. They issued an “outperform” rating and a $17.00 price target on the stock. Finally, Royal Bank of Canada started coverage on MGIC Investment in a report on Wednesday, December 20th. They issued an “outperform” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $16.44.

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About MGIC Investment

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 (NYSE:MTG)

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