Serengeti Asset Management Lp Lowers stake in MGIC Investment Corp. (MTG)

MGIC Investment Corp. (MTG) : Serengeti Asset Management Lp reduced its stake in MGIC Investment Corp. by 37.5% during the most recent quarter end. The investment management company now holds a total of 500,000 shares of MGIC Investment Corp. which is valued at $3,710,000 after selling 300,000 shares in MGIC Investment Corp. , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.MGIC Investment Corp. makes up approximately 2.31% of Serengeti Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Capital Returns Management boosted its stake in MTG in the latest quarter, The investment management firm added 134,600 additional shares and now holds a total of 2,875,247 shares of MGIC Investment Corp. which is valued at $21,334,333. MGIC Investment Corp. makes up approx 12.02% of Capital Returns Management’s portfolio.Clinton Group Inc reduced its stake in MTG by selling 154,243 shares or 88.32% in the most recent quarter. The Hedge Fund company now holds 20,393 shares of MTG which is valued at $151,316. MGIC Investment Corp. makes up approx 0.01% of Clinton Group Inc’s portfolio.Ontario Teachers Pension Plan Board boosted its stake in MTG in the latest quarter, The investment management firm added 114,058 additional shares and now holds a total of 514,058 shares of MGIC Investment Corp. which is valued at $3,814,310. MGIC Investment Corp. makes up approx 0.04% of Ontario Teachers Pension Plan Board’s portfolio. Tfs Capital added MTG to its portfolio by purchasing 34,221 company shares during the most recent quarter which is valued at $253,920. MGIC Investment Corp. makes up approx 0.04% of Tfs Capital’s portfolio. American Century Companies Inc sold out all of its stake in MTG during the most recent quarter. The investment firm sold 10,938,184 shares of MTG which is valued $78,317,397.

MGIC Investment Corp. opened for trading at $8.1 and hit $8.145 on the upside on Thursday, eventually ending the session at $8.11, with a gain of 0.25% or 0.02 points. The heightened volatility saw the trading volume jump to 52,78,622 shares. Company has a market cap of $2,763 M.

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 Corp. was Upgraded by FBR Capital to ” Outperform” on Jun 30, 2016.

MGIC Investment Corporation is a holding company. Through its wholly owned subsidiaries the Company provides private mortgage insurance and ancillary services. The Company’s 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.

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