Onity Group (NYSE:ONIT) Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Onity Group from a "hold" rating to a "strong sell" rating, indicating a significant shift in the sentiment surrounding the company.
• In contrast, other analysts like Keefe, Bruyette & Woods and B. Riley raised their target prices and maintained "buy" ratings, showing mixed analyst opinions on the stock.
• Onity Group reported quarterly earnings that missed estimates, with an EPS of $1.87 against a $2.08 consensus, and a revenue of $246.6 million below the expected $252.9 million.

Onity Group (NYSE:ONIT - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Thursday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Keefe, Bruyette & Woods increased their target price on Onity Group from $50.00 to $55.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Wall Street Zen cut Onity Group from a "buy" rating to a "hold" rating in a report on Sunday, August 17th. BTIG Research reaffirmed a "buy" rating on shares of Onity Group in a report on Monday, May 5th. Finally, B. Riley raised their price target on Onity Group from $50.00 to $55.00 and gave the company a "buy" rating in a report on Friday, June 20th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Onity Group presently has an average rating of "Moderate Buy" and a consensus target price of $50.00.

Onity Group Trading Up 4.7%

Onity Group stock opened at $41.4550 on Thursday. The business has a 50 day moving average price of $38.31 and a two-hundred day moving average price of $35.49. The company has a quick ratio of 37.90, a current ratio of 37.90 and a debt-to-equity ratio of 23.99. The stock has a market cap of $334.13 million, a price-to-earnings ratio of 10.58 and a beta of 1.41. Onity Group has a 12 month low of $25.50 and a 12 month high of $41.92.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ONIT. JPMorgan Chase & Co. boosted its position in Onity Group by 205.6% in the 4th quarter. JPMorgan Chase & Co. now owns 52,723 shares of the company's stock valued at $1,619,000 after buying an additional 35,468 shares during the last quarter. Geode Capital Management LLC bought a new position in Onity Group in the 4th quarter valued at $4,163,000. Wells Fargo & Company MN bought a new position in Onity Group in the 4th quarter valued at $116,000. Renaissance Technologies LLC bought a new position in Onity Group in the 4th quarter valued at $747,000. Finally, Raymond James Financial Inc. bought a new position in shares of Onity Group in the 4th quarter worth $886,000. 70.16% of the stock is currently owned by institutional investors.

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.

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