JPMorgan Chase & Co. Reduces Position in Onity Group Inc. $ONIT

JPMorgan Chase & Co. lessened its stake in shares of Onity Group Inc. (NYSE:ONIT) by 70.0% during the 3rd quarter, Holdings Channel reports. The firm owned 38,478 shares of the company’s stock after selling 89,732 shares during the quarter. JPMorgan Chase & Co.’s holdings in Onity Group were worth $1,538,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Onity Group by 1.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 435,921 shares of the company’s stock valued at $17,420,000 after acquiring an additional 5,766 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Onity Group by 1.0% in the 3rd 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 purchased a new stake in shares of Onity Group in the 3rd quarter valued at $10,370,000. Geode Capital Management LLC boosted its holdings in shares of Onity Group by 6.3% in the 2nd quarter. Geode Capital Management LLC now owns 148,257 shares of the company’s stock valued at $5,660,000 after acquiring an additional 8,748 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Onity Group by 4.4% in the 2nd quarter. Bridgeway Capital Management LLC now owns 110,683 shares of the company’s stock valued at $4,225,000 after acquiring an additional 4,623 shares during the last quarter. 70.16% of the stock is owned by hedge funds and other institutional investors.

Onity Group Stock Performance

NYSE:ONIT opened at $42.55 on Thursday. The company has a debt-to-equity ratio of 18.86, a quick ratio of 35.55 and a current ratio of 35.55. The company has a fifty day moving average of $41.08 and a two-hundred day moving average of $42.29. The stock has a market capitalization of $362.53 million, a PE ratio of 2.01 and a beta of 1.56. Onity Group Inc. has a fifty-two week low of $26.35 and a fifty-two week high of $54.10.

Onity Group (NYSE:ONIT) last posted its quarterly earnings data on Thursday, February 12th. The company reported $14.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $11.78. The company had revenue of $280.00 million during the quarter, compared to analysts’ expectations of $285.60 million. Onity Group had a net margin of 17.76% and a return on equity of 15.84%. As a group, research analysts forecast that Onity Group Inc. will post 10.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on ONIT shares. BTIG Research upped their price objective on shares of Onity Group from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Wall Street Zen raised shares of Onity Group from a “hold” rating to a “buy” rating in a report on Saturday, March 14th. Keefe, Bruyette & Woods raised shares of Onity Group from a “moderate buy” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Onity Group in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $58.33.

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.