Heron Bay Capital Management Makes New $183,000 Investment in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Heron Bay Capital Management bought a new position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,234 shares of the software maker’s stock, valued at approximately $183,000.

Several other institutional investors have also recently made changes to their positions in the stock. Truffle Hound Capital LLC purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth $5,173,000. Bank of New York Mellon Corp purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth $1,392,000. IFP Advisors Inc lifted its position in shares of Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after acquiring an additional 2,000 shares in the last quarter. Truist Financial Corp purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth $189,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after acquiring an additional 40,642 shares in the last quarter. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Trading Up 0.4 %

Shares of MGIC stock opened at $13.49 on Friday. The business’s fifty day moving average is $12.85 and its 200 day moving average is $11.99. Magic Software Enterprises Ltd. has a 52-week low of $9.51 and a 52-week high of $14.24. 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 market capitalization of $662.35 million, a PE ratio of 19.27 and a beta of 1.11.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $142.58 million for the quarter, compared to analysts’ expectations of $137.00 million. On average, equities research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.327 per share. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.24. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a yield of 4.6%. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 86.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MGIC shares. Barclays increased their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Thursday, March 13th. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 13th. Finally, William Blair downgraded Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th.

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.