Barclays PLC Raises Stock Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Barclays PLC grew its position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 4,274.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,818 shares of the software maker’s stock after buying an additional 5,685 shares during the period. Barclays PLC’s holdings in Magic Software Enterprises were worth $69,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Copeland Capital Management LLC purchased a new stake in Magic Software Enterprises in the 3rd quarter valued at about $47,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises during the third quarter valued at about $115,000. Dimensional Fund Advisors LP raised its stake in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 29,635 shares during the period. Inspire Investing LLC acquired a new position in shares of Magic Software Enterprises in the 3rd quarter worth approximately $880,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises during the 3rd quarter worth approximately $1,675,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd. Barclays lifted their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th.

Magic Software Enterprises Price Performance

Magic Software Enterprises stock opened at $12.85 on Friday. The company’s 50 day moving average is $12.03 and its two-hundred day moving average is $11.37. The firm has a market cap of $630.94 million, a PE ratio of 18.36 and a beta of 1.10. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises Ltd. has a 52-week low of $9.51 and a 52-week high of $13.40.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd were given a $0.236 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This represents a yield of 3.7%. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 67.14%.

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.