Short Interest in Onity Group (NYSE:ONIT) Decreases By 14.1%

Onity Group (NYSE:ONIT - Get Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 115,300 shares, a drop of 14.1% from the April 30th total of 134,200 shares. Currently, 1.8% of the company's stock are short sold. Based on an average daily volume of 48,200 shares, the days-to-cover ratio is presently 2.4 days.

Hedge Funds Weigh In On Onity Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Onity Group during the 4th quarter valued at about $84,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Onity Group by 40.7% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,331 shares of the company's stock valued at $334,000 after buying an additional 2,988 shares during the period. Empowered Funds LLC increased its holdings in Onity Group by 7.1% during the first quarter. Empowered Funds LLC now owns 48,029 shares of the company's stock valued at $1,552,000 after buying an additional 3,184 shares during the last quarter. Corebridge Financial Inc. purchased a new stake in Onity Group during the fourth quarter valued at approximately $98,000. Finally, New York State Common Retirement Fund bought a new position in Onity Group in the fourth quarter worth approximately $100,000. 70.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on ONIT shares. BTIG Research reissued a "buy" rating on shares of Onity Group in a research report on Monday, May 5th. Keefe, Bruyette & Woods lifted their price objective on Onity Group from $45.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th.

Onity Group Stock Up 0.8%

NYSE:ONIT traded up $0.28 on Friday, reaching $37.33. 22,326 shares of the stock traded hands, compared to its average volume of 36,608. The company has a current ratio of 26.46, a quick ratio of 26.46 and a debt-to-equity ratio of 20.28. The company has a market capitalization of $298.98 million, a price-to-earnings ratio of 9.13 and a beta of 1.89. Onity Group has a 12 month low of $22.40 and a 12 month high of $41.27. The company's fifty day simple moving average is $34.27 and its 200 day simple moving average is $33.17.

Onity Group (NYSE:ONIT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $2.84 EPS for the quarter, topping the consensus estimate of $1.79 by $1.05. Onity Group had a return on equity of 20.50% and a net margin of 3.47%. The company had revenue of $249.80 million during the quarter, compared to the consensus estimate of $244.63 million. Equities analysts predict that Onity Group will post 10.51 EPS for the current fiscal year.

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.