Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises Ltd. in the third quarter. (NASDAQ:MGIC – Free Report), Holdings Channel reports. The company bought 9,605 shares of the software maker, worth about $115,000.
Other institutional investors have also increased or decreased their stake in the company. Acadian Asset Management LLC increased its holdings in shares of Magic Software Enterprises by 2,254.6% during the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after purchasing an additional 65,540 shares in the last quarter. YD More Investments Ltd acquired a new position in Magic Software Enterprises during the second quarter valued at approximately $1,451,000. Dimensional Fund Advisors LP increased its stake in Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 29,635 shares during the period. Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter worth approximately $880,000. Finally, Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises during the 3rd quarter valued at approximately $47,000. Currently, 24.70% of the shares are held by institutional investors and hedge funds.
Changes in analyst ratings
A number of research firms have commented on MGIC. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong buy” rating in a research report on Sunday. Barclays raised their target price on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19.
Check out our latest analysis on MGIC
Magic Software Enterprises Price-Performance
Shares of NASDAQ MGIC opened at $12.04 on Friday. The company has a market cap of $591.16 million, a price-to-earnings ratio of 17.20 and a beta of 1.09. The company’s 50-day moving average is $11.55 and its 200-day moving average is $11.06. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises Ltd. has a one-year low of $9.38 and a one-year high of $13.40.
Magic Software Enterprises increases dividend
The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8. Shareholders of record on Monday, December 23 will receive a dividend of $0.236 per share. This is a boost from Magic Software Enterprises’ previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23. This amounts to a return of 3.7%. Magic Software Enterprises’ dividend payout ratio (DPR) currently stands at 58.57%.
About Magic Software Enterprises
(Free report)
Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, outsourcing information technology (IT) software services and cloud-based services in Israel and internationally. The Software Services segment develops, markets, markets and supports application platforms, software applications and business and process integration solutions and related services.
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