Alpine Associates Management Inc. Acquires New Position in Mr. Cooper Group Inc (NASDAQ:COOP)

Key Points

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Alpine Associates Management Inc. purchased a new position in shares of Mr. Cooper Group Inc (NASDAQ:COOP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 89,600 shares of the company's stock, valued at approximately $10,716,000. Alpine Associates Management Inc. owned 0.14% of Mr. Cooper Group at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in COOP. Norges Bank acquired a new stake in shares of Mr. Cooper Group in the 4th quarter valued at about $72,984,000. 140 Summer Partners LP purchased a new position in shares of Mr. Cooper Group during the 4th quarter worth approximately $69,959,000. Wellington Management Group LLP raised its stake in shares of Mr. Cooper Group by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 1,138,904 shares of the company's stock worth $109,346,000 after buying an additional 343,243 shares in the last quarter. Cercano Management LLC raised its stake in shares of Mr. Cooper Group by 66.5% during the 4th quarter. Cercano Management LLC now owns 790,753 shares of the company's stock worth $75,920,000 after buying an additional 315,801 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Mr. Cooper Group by 14,148.0% during the 1st quarter. GAMMA Investing LLC now owns 311,319 shares of the company's stock worth $37,234,000 after buying an additional 309,134 shares in the last quarter. Hedge funds and other institutional investors own 89.82% of the company's stock.

Mr. Cooper Group Stock Up 2.8%

Shares of COOP stock traded up $4.88 during mid-day trading on Monday, hitting $179.14. 1,418,550 shares of the company's stock were exchanged, compared to its average volume of 1,003,565. Mr. Cooper Group Inc has a fifty-two week low of $80.35 and a fifty-two week high of $180.57. The stock has a 50-day simple moving average of $146.76 and a two-hundred day simple moving average of $124.38. The stock has a market cap of $11.46 billion, a price-to-earnings ratio of 20.50 and a beta of 0.98.

Mr. Cooper Group (NASDAQ:COOP - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $3.13 earnings per share for the quarter, missing analysts' consensus estimates of $3.28 by ($0.15). The firm had revenue of $608.00 million during the quarter, compared to analyst estimates of $669.23 million. Mr. Cooper Group had a net margin of 25.38% and a return on equity of 15.66%. Mr. Cooper Group's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.10 EPS. As a group, analysts anticipate that Mr. Cooper Group Inc will post 13.17 earnings per share for the current fiscal year.

Insider Activity at Mr. Cooper Group

In related news, CEO Jesse K. Bray sold 30,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $174.72, for a total value of $5,241,600.00. Following the transaction, the chief executive officer owned 663,187 shares in the company, valued at approximately $115,872,032.64. The trade was a 4.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.73% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Piper Sandler raised their price objective on Mr. Cooper Group from $143.00 to $158.00 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. UBS Group reaffirmed a "neutral" rating and issued a $156.00 price objective on shares of Mr. Cooper Group in a research note on Tuesday, July 15th. Jefferies Financial Group raised their price target on Mr. Cooper Group from $110.00 to $150.00 and gave the stock a "hold" rating in a research report on Tuesday, July 22nd. Barclays raised their price target on Mr. Cooper Group from $147.00 to $156.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods raised their price target on Mr. Cooper Group from $115.00 to $143.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $137.88.

Mr. Cooper Group Company Profile

Mr. Cooper Group Inc, together with its subsidiaries, operates as a non-bank servicer of residential mortgage loans in the United States. The company operates through Servicing and Originations segments. The Servicing segment performs activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans, performing collections, foreclosures, and the sale of real estate owned.