Millennium Management LLC Increases Stake in NMI Holdings Inc $NMIH

Key Points

• Millennium Management LLC increased its stake in NMI Holdings by 209.9% in Q1, owning 1,432,950 shares valued at approximately $51.66 million.
• NMI reported earnings of $1.22 per share, exceeding analysts' estimates, with quarterly revenue of $149.07 million, which was below expectations.
• Analysts have given NMI a consensus rating of "Moderate Buy", and the stock currently has a target price of $42.33.

Millennium Management LLC lifted its stake in shares of NMI Holdings Inc (NASDAQ:NMIH - Free Report) by 209.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,432,950 shares of the financial services provider's stock after purchasing an additional 970,551 shares during the quarter. Millennium Management LLC owned about 1.83% of NMI worth $51,658,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NMIH. Sound Income Strategies LLC bought a new position in shares of NMI during the 1st quarter worth about $25,000. Opal Wealth Advisors LLC bought a new position in NMI in the 1st quarter valued at about $33,000. Neo Ivy Capital Management bought a new position in NMI in the 1st quarter valued at about $47,000. Caitong International Asset Management Co. Ltd bought a new position in NMI in the 1st quarter valued at about $48,000. Finally, Quarry LP lifted its position in NMI by 89.3% in the 1st quarter. Quarry LP now owns 1,482 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 699 shares in the last quarter. Institutional investors own 94.12% of the company's stock.

NMI Price Performance

Shares of NASDAQ NMIH traded down $0.66 during mid-day trading on Friday, reaching $39.68. 240,103 shares of the company were exchanged, compared to its average volume of 297,079. NMI Holdings Inc has a 52 week low of $31.90 and a 52 week high of $43.20. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $3.08 billion, a PE ratio of 8.42, a PEG ratio of 1.15 and a beta of 0.55. The company's 50 day moving average price is $38.93 and its 200 day moving average price is $37.84.

NMI (NASDAQ:NMIH - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.06. The business had revenue of $149.07 million during the quarter, compared to the consensus estimate of $173.39 million. NMI had a net margin of 55.57% and a return on equity of 16.51%. The firm's revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.20 earnings per share. Sell-side analysts forecast that NMI Holdings Inc will post 4.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NMIH. Wall Street Zen cut shares of NMI from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. raised their price target on shares of NMI from $41.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Barclays lifted their price objective on shares of NMI from $41.00 to $42.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Compass Point reiterated a "buy" rating and issued a $37.00 price objective (up from $34.00) on shares of NMI in a research note on Friday, May 23rd. Finally, Keefe, Bruyette & Woods lowered shares of NMI from an "outperform" rating to a "market perform" rating and boosted their price target for the company from $42.00 to $43.00 in a research report on Monday, July 7th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, NMI has an average rating of "Moderate Buy" and a consensus target price of $42.33.

NMI Profile

NMI Holdings, Inc provides private mortgage guaranty insurance services in the United States. The company offers mortgage insurance services, such as primary and pool insurance; and outsourced loan review services to mortgage loan originators. It serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders.