Onity Group (NYSE:ONIT) Rating Increased to Strong-Buy at Texas Capital

Onity Group (NYSE:ONIT) was upgraded by investment analysts at Texas Capital to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods decreased their price target on Onity Group from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Wall Street Zen downgraded Onity Group from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. BTIG Research raised their target price on Onity Group from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Finally, Weiss Ratings downgraded Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Onity Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.67.

Onity Group Price Performance

Shares of NYSE ONIT opened at $37.04 on Wednesday. The company has a debt-to-equity ratio of 19.46, a current ratio of 46.07 and a quick ratio of 46.07. The stock has a fifty day moving average price of $39.60 and a 200 day moving average price of $42.41. Onity Group has a 1-year low of $33.22 and a 1-year high of $54.10. The company has a market cap of $312.21 million, a PE ratio of 1.91 and a beta of 1.45.

Onity Group (NYSE:ONIT) last issued 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 company had revenue of $278.00 million for the quarter, compared to analyst estimates of $290.10 million.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ONIT. Oaktree Capital Management LP acquired a new position in shares of Onity Group during the 4th quarter worth $17,896,000. Wellington Management Group LLP acquired a new position in shares of Onity Group during the 3rd quarter worth $10,370,000. JPMorgan Chase & Co. raised its stake in shares of Onity Group by 585.2% during 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. acquired a new position in shares of Onity Group during the 3rd quarter worth $2,742,000. Finally, Prescott Group Capital Management L.L.C. raised its stake in shares of Onity Group by 29.2% during the 4th 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 during the last quarter. Institutional investors and hedge funds own 70.16% of the company’s stock.

About Onity Group

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.