Russell Investments Group Ltd. Buys 56,751 Shares of Onity Group Inc. $ONIT

Key Points

• Russell Investments Group Ltd. acquired 56,751 additional shares of Onity Group Inc., increasing its holdings by 9,153.4%, resulting in a total of 57,371 shares valued at approximately $1.85 million.
• Onity Group reported earnings of $1.87 EPS, missing expectations, with revenue of $246.60 million compared to a consensus estimate of $252.90 million.
• Analysts have mixed ratings on Onity Group, with B. Riley and Keefe, Bruyette & Woods maintaining a "buy" rating and raising their price targets to $55, while Zacks Research downgraded the stock to "strong sell".

Russell Investments Group Ltd. increased its stake in Onity Group Inc. (NYSE:ONIT - Free Report) by 9,153.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 57,371 shares of the company's stock after purchasing an additional 56,751 shares during the quarter. Russell Investments Group Ltd. owned about 0.72% of Onity Group worth $1,854,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ONIT. Public Employees Retirement System of Ohio purchased a new position in shares of Onity Group in the fourth quarter valued at $84,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Onity Group in the fourth quarter valued at $115,000. Wells Fargo & Company MN purchased a new position in shares of Onity Group in the fourth quarter valued at $116,000. MetLife Investment Management LLC purchased a new position in shares of Onity Group in the fourth quarter valued at $117,000. Finally, GAMMA Investing LLC grew its position in shares of Onity Group by 7,724.6% in the first quarter. GAMMA Investing LLC now owns 4,460 shares of the company's stock valued at $138,000 after purchasing an additional 4,403 shares in the last quarter. 70.16% of the stock is currently owned by hedge funds and other institutional investors.

Onity Group Price Performance

ONIT stock traded down $0.73 during mid-day trading on Friday, hitting $41.41. 68,821 shares of the stock were exchanged, compared to its average volume of 53,911. 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 business has a fifty day moving average price of $38.78 and a 200 day moving average price of $35.59. Onity Group Inc. has a 12 month low of $25.50 and a 12 month high of $43.00. The stock has a market capitalization of $333.72 million, a price-to-earnings ratio of 4.04 and a beta of 1.41.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ONIT. BTIG Research reiterated a "buy" rating on shares of Onity Group in a research report on Monday, May 5th. Zacks Research cut Onity Group from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 21st. Wall Street Zen lowered Onity Group from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. B. Riley lifted their price objective on Onity Group from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, June 20th. Finally, Keefe, Bruyette & Woods lifted their price objective on Onity Group from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.00.

About Onity Group

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.