The Potential Rise in the Price of MGIC Investment Corporation (MTG) following insiders activity


MGIC Investment Corporation’s recent filing unveils that its Director Poliner Gary A. unloaded Company’s shares for reported $0.12 million on Feb 27. In the deal valued at $13.92 per share,8,296 shares were sold. As a result of this transaction, Poliner Gary A. now holds 8,821 shares worth roughly $ 0.12 million.

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Barclays downgraded its MGIC Investment Corporation [MTG] rating to an Equal weight from a an Overweight in a research note published on Tuesday, January 06, 2023; the price target was decreased to $14 from $16. PT values the company’s stock at a premium of 1.71 to its Tuesday closing price. A number of analysts have revised their coverage, including Compass Point’s analysts, who decreased its forecast for the stock in early November from “a Buy” to “a Neutral”. BofA Securities also remained covering MTG and has increased its forecast on August 18, 2022 with a “Buy” recommendation from previously “Neutral” rating. RBC Capital Mkts revised its rating on June 23, 2022. It rated MTG as “an Outperform” which previously was an “a Sector perform”.

Price Performance Review of MTG

On Tuesday, MGIC Investment Corporation [NYSE:MTG] saw its stock fall -0.15% to $13.76. On the same session, the stock had its day’s lowest price of $13.70, but rose to a high of $13.91. Over the last five days, the stock has gained 1.18%. MGIC Investment Corporation shares have risen nearly 5.85% since the year began. Nevertheless, the stocks have fallen -10.36% over the past one year. While a 52-week high of $15.76 was reached on 02/02/23, a 52-week low of $11.38 was recorded on 01/06/23. SMA at 50 days reached $13.51, while 200 days put it at $13.51. A total of 3.53 million shares were traded, compared to the trading of 2.21 million shares in the previous session.

Levels Of Support And Resistance For MTG Stock

The 24-hour chart illustrates a support level at 13.67, which if violated will result in even more drops to 13.58. On the upside, there is a resistance level at 13.88. A further resistance level may holdings at 14.00. The Relative Strength Index (RSI) on the 14-day chart is 48.90, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.11, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 65.73%. Stochastics %K at 36.60% indicates the stock is a holding.

How much short interest is there in MGIC Investment Corporation?

A steep rise in short interest was recorded in MGIC Investment Corporation stocks on Jan 30, 2023, dropping by -4.02 million shares to a total of 13.29 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 17.31 million shares. There was a decline of -30.25%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 5.15% of the overall stock float, the days-to-cover ratio (short ratio) fell to 4.38.

MGIC Investment Corporation [MTG] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 39,667,983 shares, or roughly 13.36% of the outstanding MTG shares. In other words, the investor’s shares have risen by 2,209,096 from its previous 13-F filing of 37458887.0. Additionally, BlackRock Fund Advisors increased 4.50% of its stake after which the total value it holdings stand at $361,998,012, while Wellington Management Co. LLP reduced -16.31% of its stake to hold $214.75 million in the firm. Over the last quarter, JPMorgan Investment Management, I purchased 3,018,695 shares of MGIC Investment Corporation, while SSgA Funds Management, Inc. bought -76,822 shares. At present, Dimensional Fund Advisors LP is holding 10,393,651 shares valued at $146.76 million. Fidelity Management & Research Co owned 9,453,560 shares of the company at the time of its most recent 13F filing, worth $133.48 million.

According to FactSet, MGIC Investment Corporation’s share price will average $16.19 in the next year, based on opinions of analysts polled by the firm. This is up nearly 23.37 percent from its previous closing price of $13.78. Analysts expect MGIC Investment Corporation stock to reach the higher price of $18.00, while the lowest price estimate is $14.00. However, 9 analysts have rated MTG stock as an Overweight in their predictions for 2023.


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