Acadian Asset Management LLC Raises Stock Position in Onity Group Inc. $ONIT

Key Points

• Acadian Asset Management LLC significantly increased its ownership in Onity Group Inc. by 206.5%, acquiring a total of 41,823 shares, valued at approximately $1.35 million.
• Analysts have mixed sentiments on Onity Group; while B. Riley and Wall Street Zen upgraded their ratings to "buy," Zacks Research downgraded it to "strong sell," resulting in a consensus rating of "Moderate Buy."
• Onity Group's stock has fluctuated between a 12-month low of $25.50 and a high of $45.83, closing at $43.90, with the company recently reporting lower-than-expected earnings per share for the last quarter.

Acadian Asset Management LLC grew its position in shares of Onity Group Inc. (NYSE:ONIT - Free Report) by 206.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,823 shares of the company's stock after purchasing an additional 28,178 shares during the period. Acadian Asset Management LLC owned approximately 0.52% of Onity Group worth $1,351,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ONIT. Northern Trust Corp purchased a new position in Onity Group in the fourth quarter worth $1,577,000. Ameriprise Financial Inc. purchased a new position in Onity Group in the fourth quarter worth $209,000. BNP Paribas Financial Markets purchased a new position in Onity Group in the fourth quarter worth $384,000. Bank of America Corp DE purchased a new position in Onity Group in the fourth quarter worth $294,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Onity Group in the fourth quarter worth $115,000. 70.16% of the stock is currently owned by hedge funds and other institutional investors.

Onity Group Trading Down 1.7%

NYSE ONIT traded down $0.76 during trading on Friday, hitting $43.23. 61,997 shares of the company's stock traded hands, compared to its average volume of 51,611. The company has a debt-to-equity ratio of 23.99, a current ratio of 37.90 and a quick ratio of 37.90. The stock has a fifty day moving average of $40.36 and a two-hundred day moving average of $36.71. The firm has a market cap of $348.43 million, a P/E ratio of 11.03 and a beta of 1.44. Onity Group Inc. has a 12-month low of $25.50 and a 12-month high of $45.83.

Onity Group (NYSE:ONIT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $1.87 earnings per share for the quarter, missing analysts' consensus estimates of $2.08 by ($0.21). The firm had revenue of $246.60 million for the quarter, compared to analysts' expectations of $252.90 million. Onity Group had a return on equity of 18.99% and a net margin of 3.74%. As a group, sell-side analysts expect that Onity Group Inc. will post 10.51 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Zacks Research lowered shares of Onity Group from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 21st. B. Riley upped their target price on shares of Onity Group from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, June 20th. Keefe, Bruyette & Woods upped their target price on shares of Onity Group from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen upgraded shares of Onity Group from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $50.00.

Onity Group Company Profile

Onity Group Inc, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. It operates through, Servicing and Originations segments. The company provides commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management services for to owners of mortgage loans and foreclosed real estate, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans classified as loans.