Wellington Management Group LLP Reduces Stake in Onity Group Inc. $ONIT

Key Points

• Wellington Management cut its Onity Group stake by 95% in the second quarter, selling 244,789 shares and retaining 12,800 shares worth approximately $509,000. Institutional investors collectively own 70.16% of the company.
• Analyst sentiment remains mixed: the consensus rating is “Buy” with a $52.50 price target, although several firms recently lowered their targets and ratings, while Wall Street Zen downgraded the stock to “strong sell.”
• Onity shares opened at $34.11, near their 52-week low, after the company reported a quarterly loss of $1.53 per share versus expectations for $0.95 in earnings; revenue of $281 million exceeded estimates.

Wellington Management Group LLP lowered its stake in Onity Group Inc. (NYSE:ONIT - Free Report) by 95.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,800 shares of the company's stock after selling 244,789 shares during the quarter. Wellington Management Group LLP owned approximately 0.15% of Onity Group worth $509,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. State of Wyoming bought a new stake in shares of Onity Group during the second quarter valued at about $119,000. BNP Paribas Financial Markets boosted its position in shares of Onity Group by 367.2% in the second quarter. BNP Paribas Financial Markets now owns 3,163 shares of the company's stock valued at $121,000 after acquiring an additional 2,486 shares during the period. Brandywine Global Investment Management LLC bought a new position in shares of Onity Group in the fourth quarter valued at approximately $209,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in Onity Group during the second quarter valued at approximately $184,000. Finally, Bank of America Corp DE grew its stake in Onity Group by 23.2% during the third quarter. Bank of America Corp DE now owns 5,027 shares of the company's stock valued at $201,000 after acquiring an additional 945 shares in the last quarter. Hedge funds and other institutional investors own 70.16% of the company's stock.

Analysts Set New Price Targets

ONIT has been the topic of several recent analyst reports. Wall Street Zen cut shares of Onity Group from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Weiss Ratings lowered shares of Onity Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. BTIG Research decreased their price target on shares of Onity Group from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, June 16th. Keefe, Bruyette & Woods lowered their price objective on Onity Group from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 12th. Finally, Texas Capital raised Onity Group to a "strong-buy" rating in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Onity Group currently has an average rating of "Buy" and a consensus price target of $52.50.

Onity Group Trading Down 1.4%

Shares of ONIT opened at $34.11 on Friday. The firm's 50 day simple moving average is $37.46 and its 200 day simple moving average is $38.62. The company has a market capitalization of $284.81 million, a P/E ratio of 2.20 and a beta of 1.44. The company has a debt-to-equity ratio of 11.41, a current ratio of 16.60 and a quick ratio of 16.60. Onity Group Inc. has a 1-year low of $33.00 and a 1-year high of $54.10.

Onity Group (NYSE:ONIT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($2.48). Onity Group had a net margin of 12.34% and a return on equity of 8.27%. The company had revenue of $281.00 million for the quarter, compared to the consensus estimate of $272.45 million.

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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