Heron Bay Capital Management Takes Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Heron Bay Capital Management acquired a new stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 15,234 shares of the software maker’s stock, valued at approximately $183,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGIC. Public Employees Retirement System of Ohio acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at about $115,000. 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 valued at $69,000 after purchasing an additional 5,685 shares during the period. 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 valued at $342,000 after purchasing an additional 1,278 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after purchasing an additional 40,642 shares during the period. Finally, Truist Financial Corp acquired a new position in shares of Magic Software Enterprises in the 4th quarter valued at about $189,000. 24.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. William Blair downgraded Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 13th. Finally, Barclays upped their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, March 13th.

Magic Software Enterprises Stock Performance

Shares of Magic Software Enterprises stock opened at $13.49 on Friday. The company has a market cap of $662.35 million, a PE ratio of 19.27 and a beta of 1.11. Magic Software Enterprises Ltd. has a 52 week low of $9.51 and a 52 week high of $14.24. The business has a 50 day moving average price of $12.85 and a 200-day moving average price of $11.99. 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 (NASDAQ:MGIC) last issued its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $142.58 million during the quarter, compared to analysts’ expectations of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. Equities analysts anticipate 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. Stockholders of record on Tuesday, April 22nd will be issued a $0.327 dividend. 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 dividend 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.