Onity Group (NYSE:ONIT) Price Target Lowered to $58.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut its price target on Onity Group to $58 (from $60) but kept an "outperform" rating, implying about a 50.4% upside; the consensus target is roughly $57.67 and the average analyst rating is "Hold."
• Onity missed the latest quarter—EPS $0.74 versus $2.37 expected and revenue $278.0M versus $290.1M—and trades around $38.56 with a P/E of 1.99 and a market cap near $325M.
• About 70% of the stock is held by institutional investors, with recent stake increases from Dimensional, Oaktree, Vanguard and Wellington.

Onity Group (NYSE:ONIT - Get Free Report) had its target price dropped by Keefe, Bruyette & Woods from $60.00 to $58.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price indicates a potential upside of 50.43% from the company's previous close.

ONIT has been the topic of several other reports. Wall Street Zen cut shares of Onity Group from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Weiss Ratings raised shares of Onity Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, April 22nd. Finally, BTIG Research increased their price target on shares of Onity Group from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, February 12th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $57.67.

Onity Group Stock Performance

NYSE:ONIT opened at $38.56 on Friday. The company's 50-day moving average price is $41.35 and its 200-day moving average price is $43.07. The company has a current ratio of 46.07, a quick ratio of 35.55 and a debt-to-equity ratio of 19.46. The company has a market cap of $325.10 million, a P/E ratio of 1.99 and a beta of 1.56. Onity Group has a twelve month low of $35.47 and a twelve month high of $54.10.

Onity Group (NYSE:ONIT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $2.37 by ($1.63). Onity Group had a return on equity of 9.10% and a net margin of 15.75%.The business had revenue of $278.00 million during the quarter, compared to analysts' expectations of $290.10 million.

Institutional Investors Weigh In On Onity Group

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Onity Group by 5.8% during the first quarter. Dimensional Fund Advisors LP now owns 464,448 shares of the company's stock valued at $18,238,000 after acquiring an additional 25,390 shares during the last quarter. Oaktree Capital Management LP acquired a new stake in shares of Onity Group during the fourth quarter valued at about $17,896,000. Vanguard Group Inc. increased its position in shares of Onity Group by 1.0% during the third quarter. Vanguard Group Inc. now owns 339,620 shares of the company's stock valued at $13,571,000 after acquiring an additional 3,473 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Onity Group by 18.3% during the fourth quarter. Wellington Management Group LLP now owns 307,000 shares of the company's stock valued at $14,058,000 after acquiring an additional 47,500 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. increased its position in shares of Onity Group by 29.2% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 212,585 shares of the company's stock valued at $9,734,000 after acquiring an additional 47,992 shares during the last quarter. 70.16% of the stock is currently owned by institutional investors and hedge funds.

Onity Group Company 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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