JPMorgan Chase & Co. Trims Position in Onity Group Inc. $ONIT

Key Points

• JPMorgan Chase trimmed its stake in Onity Group by 70% in Q3, selling 89,732 shares and retaining 38,478 shares (about 0.48% of the company) valued at $1.54 million.
• Several other institutions added or increased positions—Wellington opened a new ~$10.37 million stake, Franklin opened ~$2.74 million, Two Sigma grew its stake 64.1%—leaving institutional ownership at about 70.16%.
• Onity reported a massive EPS beat ($14.24 vs. $2.46 expected) despite slightly lower revenue ($280M vs. $285.6M expected), and analysts have largely turned bullish with an average price target of $58.33 and a “Moderate Buy” consensus.

JPMorgan Chase & Co. lessened its stake in Onity Group Inc. (NYSE:ONIT - Free Report) by 70.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,478 shares of the company's stock after selling 89,732 shares during the period. JPMorgan Chase & Co. owned 0.48% of Onity Group worth $1,538,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ONIT. Wellington Management Group LLP purchased a new position in Onity Group in the 3rd quarter worth about $10,370,000. Franklin Resources Inc. purchased a new position in Onity Group in the 3rd quarter worth about $2,742,000. Arrowstreet Capital Limited Partnership increased its position in Onity Group by 36.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 86,790 shares of the company's stock valued at $3,313,000 after purchasing an additional 22,980 shares during the period. First Trust Advisors LP purchased a new position in Onity Group during the 3rd quarter valued at about $784,000. Finally, Two Sigma Investments LP increased its position in Onity Group by 64.1% during the 3rd quarter. Two Sigma Investments LP now owns 36,388 shares of the company's stock valued at $1,454,000 after purchasing an additional 14,218 shares during the period. Hedge funds and other institutional investors own 70.16% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on ONIT. BTIG Research raised their target price on shares of Onity Group from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, February 12th. Keefe, Bruyette & Woods raised shares of Onity Group from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, February 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Onity Group in a research report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of Onity Group from a "hold" rating to a "buy" rating in a research report on Saturday, March 14th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $58.33.

Onity Group Stock Up 4.1%

NYSE:ONIT opened at $42.55 on Thursday. The company has a market cap of $362.53 million, a PE ratio of 2.01 and a beta of 1.56. Onity Group Inc. has a twelve month low of $26.35 and a twelve month high of $54.10. The company has a current ratio of 35.55, a quick ratio of 35.55 and a debt-to-equity ratio of 18.86. The company's 50 day moving average is $41.08 and its two-hundred day moving average is $42.29.

Onity Group (NYSE:ONIT - Get Free Report) last released its earnings results on Thursday, February 12th. The company reported $14.24 earnings per share for the quarter, topping the consensus estimate of $2.46 by $11.78. The company had revenue of $280.00 million for the quarter, compared to the consensus estimate of $285.60 million. Onity Group had a net margin of 17.76% and a return on equity of 15.84%. Analysts anticipate that Onity Group Inc. will post 10.51 EPS for the current year.

Onity Group Profile

Onity Group, listed on the New York Stock Exchange under the ticker ONIT, is a technology company specializing in enterprise operations management software. Its platform is designed to help legal, finance, human resources and corporate services teams automate and streamline mission-critical workflows. Leveraging artificial intelligence and no-code automation tools, Onity's solutions aim to reduce manual processes, improve visibility and ensure compliance across complex organizational structures.

The company's flagship offerings include contract lifecycle management, matter management, e-billing and spend management, as well as enterprise deal management.

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