JPMorgan Chase & Co. Increases Stock Holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

JPMorgan Chase & Co. grew its stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 77.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,166 shares of the software maker’s stock after buying an additional 40,642 shares during the period. JPMorgan Chase & Co. owned 0.19% of Magic Software Enterprises worth $1,101,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Tidal Investments LLC boosted its stake in Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after acquiring an additional 1,278 shares in the last quarter. Copeland Capital Management LLC acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $47,000. Barclays PLC grew its stake in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Magic Software Enterprises during the third quarter worth approximately $115,000. Finally, Dimensional Fund Advisors LP lifted 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 valued at $2,201,000 after buying an additional 29,635 shares during the last quarter. 24.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Magic Software Enterprises Stock Down 1.1 %

Magic Software Enterprises stock opened at $12.85 on Friday. The stock has a 50 day moving average of $12.03 and a two-hundred day moving average of $11.37. Magic Software Enterprises Ltd. has a twelve month low of $9.51 and a twelve month high of $13.40. The stock has a market capitalization of $630.94 million, a price-to-earnings ratio of 18.36 and a beta of 1.10. 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 Increases Dividend

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

Magic Software Enterprises 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.