MGIC Investment Corporation (NYSE:MTG) has tumbled 4.84% during the past week and has dropped 9.09% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 3.69%. MGIC Investment Corporation (NYSE:MTG) has underperformed the index by 9.92% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
MGIC Investment Corporation (NYSE:MTG): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $5.92 and $5.92 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $6.15. The buying momentum continued till the end and the stock did not give up its gains. It closed at $6.10, notching a gain of 2.87% for the day. The total traded volume was 9,907,692 . The stock had closed at $5.93 on the previous day.
The company shares have dropped -46.44% from its 1 Year high price. On Jul 15, 2015, the shares registered one year high at $11.72 and the one year low was seen on Jan 25, 2016. The 50-Day Moving Average price is $6.70 and the 200 Day Moving Average price is recorded at $7.41.
On the companys insider trading activities, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of Mgic Investment Corp, Carr Cassandra C, had purchased 5,000 shares in a transaction dated on February 9, 2016. The transaction was executed at $6.35 per share with total amount equaling $31,750.
Many analysts have stated their opinion on the company shares. Credit Suisse maintains its rating on MGIC Investment Corporation (NYSE:MTG). The global brokerage major lowers the current price target from $10 per share to $8 per share. Analysts at the Credit Suisse have a current rating of Neutral on the shares. The rating by the firm was issued on May 2, 2016. Currently the company Insiders own 0.98% of MGIC Investment Corporation shares according to the proxy statements. Institutional Investors own 95.19% of MGIC Investment Corporation shares. During last six month period, the net percent change held by insiders has seen a change of 2.69%.
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.