Wellington Management Group LLP Sells 244,789 Shares of Onity Group Inc. $ONIT

Wellington Management Group LLP reduced its position in Onity Group Inc. (NYSE:ONIT) by 95.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,800 shares of the company’s stock after selling 244,789 shares during the quarter. Wellington Management Group LLP’s holdings in Onity Group were worth $509,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Oaktree Capital Management LP purchased a new position in shares of Onity Group during the 4th quarter valued at about $17,896,000. JPMorgan Chase & Co. lifted its position in Onity Group by 585.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 128,210 shares of the company’s stock worth $4,894,000 after buying an additional 109,498 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Onity Group in the third quarter worth approximately $2,742,000. Prescott Group Capital Management L.L.C. boosted its stake in Onity Group by 29.2% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 212,585 shares of the company’s stock worth $9,734,000 after buying an additional 47,992 shares in the last quarter. Finally, Segall Bryant & Hamill LLC grew its position in Onity Group by 58.2% during the fourth quarter. Segall Bryant & Hamill LLC now owns 82,454 shares of the company’s stock valued at $3,776,000 after acquiring an additional 30,344 shares during the last quarter. 70.16% of the stock is currently owned by institutional investors.

Onity Group Trading Down 1.4%

Shares of ONIT stock opened at $34.11 on Friday. The stock has a market capitalization of $284.81 million, a PE ratio of 2.20 and a beta of 1.44. Onity Group Inc. has a 1-year low of $33.00 and a 1-year high of $54.10. The business has a 50-day moving average of $37.46 and a 200 day moving average of $38.62. 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 (NYSE:ONIT) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($1.53) EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($2.48). The company had revenue of $281.00 million during the quarter, compared to analysts’ expectations of $272.45 million. Onity Group had a return on equity of 8.27% and a net margin of 12.34%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings downgraded shares of Onity Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, August 19th. BTIG Research cut their price objective on shares of Onity Group from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods reduced their target price on shares of Onity Group from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Texas Capital raised shares of Onity Group to a “strong-buy” rating in a report on Wednesday, June 10th. Finally, Wall Street Zen cut shares of Onity Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Onity Group presently has a consensus rating of “Buy” and a consensus price target of $52.50.

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.