Bank of New York Mellon Corp Makes New Investment in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Bank of New York Mellon Corp bought a new position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) in the 4th quarter, HoldingsChannel reports. The fund bought 115,685 shares of the software maker’s stock, valued at approximately $1,392,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after purchasing an additional 40,642 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after acquiring an additional 1,278 shares during the period. Truist Financial Corp acquired a new stake in shares of Magic Software Enterprises in the 4th quarter worth approximately $189,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter worth approximately $115,000. Finally, Barclays PLC lifted its stake in shares of Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares during the period. Institutional investors own 24.70% of the company’s stock.

Analyst Upgrades and Downgrades

MGIC has been the subject of a number of research analyst reports. Barclays upped their price target on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, March 13th. William Blair lowered shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. Finally, StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 13th.

Magic Software Enterprises Stock Up 0.4 %

MGIC stock opened at $13.49 on Monday. Magic Software Enterprises Ltd. has a 12 month low of $9.51 and a 12 month high of $14.24. The firm has a market cap of $662.35 million, a PE ratio of 19.27 and a beta of 1.11. The firm has a 50 day simple moving average of $12.85 and a 200 day simple moving average of $12.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The business had revenue of $142.58 million for the quarter, compared to analyst estimates of $137.00 million. Equities research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd will be paid a dividend of $0.327 per share. The ex-dividend date is Tuesday, April 22nd. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.24. This represents a yield of 4.6%. Magic Software Enterprises’s dividend payout ratio is currently 86.67%.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.