UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 2,666 Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 8.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 27,944 shares of the software maker’s stock after selling 2,666 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.06% of Magic Software Enterprises worth $330,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGIC. Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises during the third quarter worth $47,000. Acadian Asset Management LLC increased its stake in Magic Software Enterprises by 2,254.6% in the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares during the period. Inspire Investing LLC bought a new stake in Magic Software Enterprises during the 3rd quarter valued at about $880,000. Y.D. More Investments Ltd purchased a new stake in Magic Software Enterprises in the 2nd quarter valued at about $1,451,000. Finally, Assenagon Asset Management S.A. bought a new position in Magic Software Enterprises in the 3rd quarter worth about $1,675,000. 24.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Barclays increased their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday.

Magic Software Enterprises Price Performance

Shares of MGIC opened at $12.04 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company has a 50 day moving average price of $11.55 and a 200-day moving average price of $11.06. Magic Software Enterprises Ltd. has a fifty-two week low of $9.38 and a fifty-two week high of $13.40. The stock has a market capitalization of $591.16 million, a PE ratio of 17.20 and a beta of 1.09.

Magic Software Enterprises Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be given a dividend of $0.236 per share. This represents a yield of 3.7%. The ex-dividend date is Monday, December 23rd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio (DPR) is 58.57%.

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.