MGIC Investment Target of Unusually High Options Trading (NYSE:MTG)

MGIC Investment Corp. (NYSE:MTG) was the target of unusually large options trading activity on Tuesday. Traders acquired 1,034 put options on the stock. This is an increase of approximately 1,356% compared to the typical daily volume of 71 put options.

Several large investors have recently made changes to their positions in the stock. Fox Run Management L.L.C. bought a new position in shares of MGIC Investment during the 2nd quarter worth approximately $312,000. Foothills Asset Management Ltd. grew its stake in shares of MGIC Investment by 100.0% during the 2nd quarter. Foothills Asset Management Ltd. now owns 21,538 shares of the insurance provider’s stock worth $283,000 after acquiring an additional 10,769 shares in the last quarter. First Hawaiian Bank grew its stake in shares of MGIC Investment by 14.9% during the 2nd quarter. First Hawaiian Bank now owns 27,460 shares of the insurance provider’s stock worth $361,000 after acquiring an additional 3,560 shares in the last quarter. Clark Capital Management Group Inc. grew its stake in shares of MGIC Investment by 6.2% during the 2nd quarter. Clark Capital Management Group Inc. now owns 398,517 shares of the insurance provider’s stock worth $5,237,000 after acquiring an additional 23,161 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. grew its stake in shares of MGIC Investment by 47.6% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 140,684 shares of the insurance provider’s stock worth $1,848,000 after acquiring an additional 45,387 shares in the last quarter. Institutional investors and hedge funds own 92.02% of the company’s stock.

Separately, Zacks Investment Research lowered shares of Heritage Insurance from a “hold” rating to a “strong sell” rating in a report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $16.81.

MGIC Investment stock traded up $0.19 during trading hours on Thursday, reaching $13.40. 5,636,741 shares of the company’s stock traded hands, compared to its average volume of 3,271,157. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.37 and a quick ratio of 0.37. MGIC Investment has a fifty-two week low of $9.41 and a fifty-two week high of $14.97. The company has a market cap of $4.72 billion, a price-to-earnings ratio of 7.53, a price-to-earnings-growth ratio of 1.64 and a beta of 1.64. The business’s 50 day moving average price is $13.67.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $291.65 million for the quarter, compared to the consensus estimate of $286.01 million. MGIC Investment had a net margin of 59.01% and a return on equity of 19.06%. MGIC Investment’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. On average, analysts forecast that MGIC Investment will post 1.65 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 20th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

MGIC Investment Company 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 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.

Featured Story: How to read a candlestick chart

Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.