Onity Group (NYSE:ONIT) Downgraded by Wall Street Zen to "Strong Sell"

Key Points

• Wall Street Zen downgraded Onity Group to “Strong Sell” from “Sell,” despite MarketBeat’s consensus rating remaining “Moderate Buy” with a $50 price target.
• Other analysts lowered their price targets but maintained positive ratings: Keefe, Bruyette & Woods set a $55 “Outperform” target, while BTIG Research set a $45 “Buy” target.
• Onity shares opened at $25.72, near their 52-week low of $24.86, after the company reported quarterly EPS of -$1.53, missing the $0.95 consensus estimate by $2.48.

Onity Group (NYSE:ONIT - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Sunday, Wall Street Zen reports.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods reduced their target price on Onity Group from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. BTIG Research decreased their target price on Onity Group from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, October 12th. Finally, Weiss Ratings downgraded Onity Group from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $50.00.

Onity Group Stock Performance

ONIT opened at $25.72 on Friday. The company has a debt-to-equity ratio of 11.41, a quick ratio of 16.60 and a current ratio of 16.60. Onity Group has a 52-week low of $24.86 and a 52-week high of $54.10. The business's 50-day simple moving average is $31.37 and its 200 day simple moving average is $36.36. The firm has a market capitalization of $214.76 million, a PE ratio of 1.66 and a beta of 1.49.

Onity Group (NYSE:ONIT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($1.53) EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($2.48). Onity Group had a return on equity of 8.27% and a net margin of 12.34%. The company had revenue of $281.00 million during the quarter, compared to analyst estimates of $272.45 million.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Quantinno Capital Management LP grew its holdings in Onity Group by 3.3% during the first quarter. Quantinno Capital Management LP now owns 15,254 shares of the company's stock valued at $599,000 after purchasing an additional 491 shares during the period. First Trust Advisors LP increased its position in Onity Group by 6.4% in the first quarter. First Trust Advisors LP now owns 21,408 shares of the company's stock worth $841,000 after buying an additional 1,280 shares during the last quarter. Pale Fire Capital SE raised its stake in shares of Onity Group by 20.3% in the second quarter. Pale Fire Capital SE now owns 11,833 shares of the company's stock valued at $470,000 after buying an additional 2,000 shares during the period. State of Wyoming bought a new stake in shares of Onity Group in the first quarter valued at $126,000. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Onity Group during the 1st quarter valued at $357,000. 70.16% of the stock is owned by institutional investors.

Onity Group Company Profile

Onity Group Inc NYSE: ONIT, formerly known as Ocwen Financial Corporation, is a financial services company focused on residential mortgage loan servicing and origination. The company works with mortgage investors, lenders, financial institutions and government-sponsored entities to manage home loans throughout their life cycle.

Through its servicing operations, Onity provides payment processing, borrower assistance, default management, foreclosure prevention and other administrative services for residential mortgages.

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