TD Asset Management Inc Increases Stock Position in Root, Inc. $ROOT

Key Points

• TD Asset Management Inc increased its stake in Root, Inc. by 32.6% during Q2, holding 16,214 shares valued at approximately $2.07 million.
• CEO Alexander E. Timm sold 10,861 shares of Root for about $965,325, reflecting a 6.44% decrease in his ownership.
• Root's stock is experiencing mixed analyst ratings, with targets ranging from $51 to $170, and a consensus rating of "Hold".

TD Asset Management Inc boosted its position in Root, Inc. (NASDAQ:ROOT - Free Report) by 32.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,214 shares of the company's stock after buying an additional 3,982 shares during the period. TD Asset Management Inc owned approximately 0.11% of Root worth $2,075,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ROOT. Twin Tree Management LP purchased a new position in Root in the 1st quarter valued at $37,000. KBC Group NV purchased a new position in Root in the 1st quarter valued at $48,000. Blueshift Asset Management LLC purchased a new position in Root in the 1st quarter valued at $204,000. KLP Kapitalforvaltning AS grew its position in Root by 30.8% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 1,700 shares of the company's stock valued at $218,000 after buying an additional 400 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in Root in the 1st quarter valued at $225,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Alexander E. Timm sold 10,861 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $88.88, for a total value of $965,325.68. Following the sale, the chief executive officer directly owned 157,748 shares in the company, valued at $14,020,642.24. The trade was a 6.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mahtiyar Bonakdarpour sold 5,750 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $89.74, for a total transaction of $516,005.00. Following the completion of the sale, the insider owned 274,226 shares in the company, valued at $24,609,041.24. This represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.71% of the stock is owned by insiders.

Root Stock Up 2.2%

ROOT stock opened at $79.37 on Wednesday. The company has a market cap of $1.23 billion, a P/E ratio of 15.84 and a beta of 2.22. Root, Inc. has a 52 week low of $36.87 and a 52 week high of $181.14. The company's 50-day moving average price is $90.01 and its 200 day moving average price is $115.96. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.82.

Root (NASDAQ:ROOT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.23. The firm had revenue of $382.90 million for the quarter, compared to the consensus estimate of $348.36 million. Root had a net margin of 6.02% and a return on equity of 38.24%. The firm's revenue was up 32.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. On average, research analysts expect that Root, Inc. will post -0.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on ROOT. Wall Street Zen lowered shares of Root from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company lowered their price objective on shares of Root from $120.00 to $89.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 8th. TD Cowen lifted their price objective on shares of Root from $51.00 to $125.00 and gave the company a "hold" rating in a research report on Tuesday, July 8th. Weiss Ratings restated a "hold (c)" rating on shares of Root in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Root from $170.00 to $165.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $124.40.

Root Profile

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. It operates a direct-to-consumer model; and serves customers primarily through mobile applications, as well as through its website. The company's direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.

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