MGIC Investment Corp [NYSE: MTG] price plunged by -5.21 percent to reach at -$1.13. The company report on April 2, 2024 at 5:30 PM that MGIC Investment Corporation Schedules 1st Quarter 2024 Earnings Call.
MGIC Investment Corporation (NYSE: MTG) has announced plans to release its first quarter 2024 financial results after the market closes on Wednesday, May 1, 2024. A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time on Thursday, May 2, 2024, to discuss the Company’s results for the quarter ended March 31, 2024.
Individuals interested in joining by telephone should register for the call “here” to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed via the Company’s Investor website found at http://mtg.mgic.com under Newsroom. A replay of the webcast will be available on the Company’s website through June 3, 2024.
The one-year MTG stock forecast points to a potential upside of 7.39. The average equity rating for MTG stock is currently 1.89, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on MGIC Investment Corp [MTG]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MTG shares is $22.19 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MTG stock is a recommendation set at 1.89. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Keefe Bruyette have made an estimate for MGIC Investment Corp shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on Apr-05-24. While these analysts kept the previous recommendation, UBS raised their target price to Neutral. The new note on the price target was released on December 06, 2023, representing the official price target for MGIC Investment Corp stock. Previously, the target price had yet another raise to $19, while Barclays analysts kept a Equal Weight rating on MTG stock. On July 06, 2023, analysts decreased their price target for MTG shares from 17 to 15.70.
The Average True Range (ATR) for MGIC Investment Corp is set at 0.46, with the Price to Sales ratio for MTG stock in the period of the last 12 months amounting to 4.80. The Price to Book ratio for the last quarter was 1.10. Price to Free Cash Flow for MTG in the course of the last twelve months was 7.79.
MTG Stock Performance Analysis:
MGIC Investment Corp [MTG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.14. With this latest performance, MTG shares gained by 3.84% in over the last four-week period, additionally plugging by 24.85% over the last 6 months – not to mention a rise of 52.67% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MTG stock in for the last two-week period is set at 43.87, with the RSI for the last a single of trading hit 35.24, and the three-weeks RSI is set at 48.59 for MGIC Investment Corp [MTG]. The present Moving Average for the last 50 days of trading for this stock 20.24, while it was recorded at 21.67 for the last single week of trading, and 18.14 for the last 200 days.
Insight into MGIC Investment Corp Fundamentals:
MGIC Investment Corp’s liquidity data is similarly interesting compelling, with a Current Ratio set at 2.58.
MTG Stock EPS
With the latest financial reports released by the company, MGIC Investment Corp posted 0.54/share EPS, while the average EPS was predicted by analysts to be reported at 0.5/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 8.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MTG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for MGIC Investment Corp go to 3.09%.
MGIC Investment Corp [MTG] Institutonal Ownership Details
The top three institutional holders of MTG stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in MTG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in MTG stock with ownership which is approximately 5.8386%.
