MGIC Investment Corp. (MTG) : Sadoff Investment Management scooped up 78,500 additional shares in MGIC Investment Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 7, 2016. The investment management firm now holds a total of 2,338,800 shares of MGIC Investment Corp. which is valued at $18,453,132.MGIC Investment Corp. makes up approximately 2.05% of Sadoff Investment Management’s portfolio.
Other Hedge Funds, Including , Bnp Paribas Arbitrage Sa reduced its stake in MTG by selling 97,783 shares or 78.02% in the most recent quarter. The Hedge Fund company now holds 27,543 shares of MTG which is valued at $220,344.
MGIC Investment Corp. closed down -0.08 points or -1.00% at $7.89 with 29,86,611 shares getting traded on Friday. Post opening the session at $7.95, the shares hit an intraday low of $7.86 and an intraday high of $8.01 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
On the company’s financial health, MGIC Investment Corp. reported $0.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 19, 2016. Analyst had a consensus of $0.20. The company had revenue of $263.50 million for the quarter, compared to analysts expectations of $254.41 million. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS.
Many Wall Street Analysts have commented on MGIC Investment Corp.. Company shares were Upgraded by Compass Point on Jul 20, 2016 to ” Buy”, Firm has raised the Price Target to $ 9 from a previous price target of $8.50 .Company shares were Reiterated by FBR Capital on Jul 20, 2016 to “Outperform”, Firm has raised the Price Target to $ 9 from a previous price target of $7.50 .
MGIC Investment Corporation is a holding company. Through its wholly owned subsidiaries the Company provides private mortgage insurance and ancillary services. The Companys subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). 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. Its principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by the Company. Through certain other non-insurance subsidiaries it also provides various services for the mortgage finance industry such as contract underwriting and portfolio analysis and retention.