MGIC Investment Corp. Downgraded by Goldman Sachs to Buy (MTG)
Goldman Sachs lowered shares of MGIC Investment Corp. (NYSE:MTG) from a conviction-buy rating to a buy rating in a report released on Friday, TheFlyOnTheWall.com reports.
A number of other analysts have also recently weighed in on MTG. Analysts at Zacks reiterated a neutral rating on shares of MGIC Investment Corp. in a research note on Wednesday, May 21st. They now have a $8.75 price target on the stock. Analysts at Credit Suisse raised their price target on shares of MGIC Investment Corp. from $6.00 to $7.00 in a research note on Monday, May 19th. They now have an underperform rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $10.03.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.36 on Friday. MGIC Investment Corp. has a one year low of $5.94 and a one year high of $9.50. The stock has a 50-day moving average of $9.04 and a 200-day moving average of $8.70. The company has a market cap of $2.830 billion and a P/E ratio of 34.98. MGIC Investment Corp. also was the recipient of a significant decrease in short interest in the month of June. As of June 30th, there was short interest totalling 41,790,807 shares, a decrease of 10.6% from the June 13th total of 46,764,089 shares. Approximately 12.6% of the company’s shares are sold short. Based on an average daily volume of 4,388,419 shares, the days-to-cover ratio is currently 9.5 days.
MGIC Investment Corp. (NYSE:MTG) last released its earnings data on Tuesday, April 22nd. The company reported $0.15 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.11 by $0.04. The company had revenue of $235.10 million for the quarter, compared to the consensus estimate of $242.35 million. During the same quarter in the prior year, the company posted ($0.31) earnings per share. The company’s quarterly revenue was down 12.7% on a year-over-year basis. On average, analysts predict that MGIC Investment Corp. will post $0.52 earnings per share for the current fiscal year.
MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
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