Magic Software Enterprises (NASDAQ:MGIC) Reaches New 12-Month Low at $13.33

Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Rating) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $13.33 and last traded at $13.36, with a volume of 6458 shares changing hands. The stock had previously closed at $13.56.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 10th. Barclays lowered their price target on Magic Software Enterprises from $28.00 to $23.00 in a report on Friday, March 10th.

Magic Software Enterprises Stock Up 0.4 %

The firm has a market capitalization of $642.82 million, a P/E ratio of 16.58 and a beta of 1.15. The stock has a fifty day moving average price of $15.55 and a two-hundred day moving average price of $15.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.97 and a current ratio of 1.89.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 20th. Investors of record on Monday, April 10th will be paid a dividend of $0.225 per share. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.09. This represents a yield of 4.4%. The ex-dividend date of this dividend is Thursday, April 6th. Magic Software Enterprises’s dividend payout ratio is presently 73.42%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of Magic Software Enterprises by 666.7% in the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock worth $39,000 after purchasing an additional 2,000 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Magic Software Enterprises in the fourth quarter valued at $42,000. Simplex Trading LLC lifted its holdings in shares of Magic Software Enterprises by 113.6% during the fourth quarter. Simplex Trading LLC now owns 3,787 shares of the software maker’s stock valued at $60,000 after purchasing an additional 31,704 shares during the last quarter. UBS Group AG lifted its holdings in shares of Magic Software Enterprises by 153.1% during the fourth quarter. UBS Group AG now owns 4,902 shares of the software maker’s stock valued at $79,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Magic Software Enterprises by 114.3% during the first quarter. Bank of America Corp DE now owns 10,941 shares of the software maker’s stock valued at $189,000 after purchasing an additional 5,836 shares during the last quarter. 18.24% of the stock is currently owned by institutional investors.

About Magic Software Enterprises

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Magic Software Enterprises Ltd. engages in the provision of proprietary application development and business process integration platforms, vertical software solutions, and vendor of information technology (IT) outsourcing software services. It operates through Software Services and IT Professional Services segments.