Fox Run Management L.L.C. Invests $906,000 in Mercury General Corporation $MCY

Fox Run Management L.L.C. bought a new position in Mercury General Corporation (NYSE:MCY) in the 4th quarter, Holdings Channel.com reports. The firm bought 9,628 shares of the insurance provider’s stock, valued at approximately $906,000.

Several other hedge funds also recently made changes to their positions in MCY. Park West Asset Management LLC purchased a new position in shares of Mercury General in the 3rd quarter valued at about $23,953,000. Rubric Capital Management LP increased its holdings in shares of Mercury General by 12.8% in the 2nd quarter. Rubric Capital Management LP now owns 2,054,504 shares of the insurance provider’s stock valued at $138,350,000 after purchasing an additional 232,721 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Mercury General by 2,513.7% in the 2nd quarter. Sei Investments Co. now owns 157,893 shares of the insurance provider’s stock valued at $10,633,000 after purchasing an additional 151,852 shares in the last quarter. Philosophy Capital Management LLC purchased a new position in shares of Mercury General in the 3rd quarter valued at about $11,778,000. Finally, American Century Companies Inc. increased its holdings in shares of Mercury General by 22.9% in the 3rd quarter. American Century Companies Inc. now owns 578,671 shares of the insurance provider’s stock valued at $49,060,000 after purchasing an additional 107,766 shares in the last quarter. Institutional investors and hedge funds own 42.39% of the company’s stock.

Mercury General Stock Performance

Shares of MCY opened at $101.63 on Thursday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.22. The stock has a market cap of $5.63 billion, a P/E ratio of 6.70 and a beta of 0.91. The company has a 50-day moving average of $96.82 and a two-hundred day moving average of $92.77. Mercury General Corporation has a 12-month low of $62.25 and a 12-month high of $103.86.

Mercury General (NYSE:MCY) last announced its earnings results on Tuesday, May 5th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $1.35. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Mercury General had a net margin of 13.68% and a return on equity of 32.94%. As a group, research analysts predict that Mercury General Corporation will post 11.38 EPS for the current fiscal year.

Mercury General Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be given a dividend of $0.3175 per share. The ex-dividend date is Thursday, June 11th. This represents a $1.27 dividend on an annualized basis and a yield of 1.2%. Mercury General’s payout ratio is presently 8.37%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MCY shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercury General in a report on Thursday, June 4th. Wall Street Zen upgraded shares of Mercury General from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 31st. Finally, Zacks Research upgraded shares of Mercury General from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Strong Buy” and an average target price of $100.00.

Mercury General Company Profile

Mercury General Corporation is a holding company headquartered in Los Angeles, California, that underwrites and markets property and casualty insurance products through its principal subsidiary, Mercury Insurance Company. Established in 1961, the company has built a reputation for offering a broad range of personal and commercial lines, with a focus on automobile coverage. Mercury General operates in key U.S. markets, deploying a mix of independent agents and direct distribution channels to serve policyholders.

The company’s product portfolio includes personal automobile insurance, homeowners and renters policies, as well as commercial automobile, business liability and umbrella insurance.