Inherent Group LP cut its stake in shares of Mr. Cooper Group Inc. (NASDAQ:COOP – Get Rating) by 41.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 765,190 shares of the company's stock after selling 551,917 shares during the period. Mr. Cooper Group comprises approximately 6.5% of Inherent Group LP's holdings, making the stock its 3rd largest position. Inherent Group LP owned approximately 1.04% of Mr. Cooper Group worth $34,946,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in COOP. Wellington Management Group LLP raised its stake in Mr. Cooper Group by 12,377.0% during the 1st quarter. Wellington Management Group LLP now owns 1,841,226 shares of the company's stock valued at $84,089,000 after buying an additional 1,826,469 shares during the last quarter. Vanguard Group Inc. raised its stake in Mr. Cooper Group by 25.0% during the 1st quarter. Vanguard Group Inc. now owns 8,125,291 shares of the company's stock valued at $371,082,000 after buying an additional 1,622,582 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Mr. Cooper Group by 325.4% in the 1st quarter. Renaissance Technologies LLC now owns 647,899 shares of the company's stock worth $29,590,000 after purchasing an additional 495,600 shares in the last quarter. State Street Corp increased its stake in shares of Mr. Cooper Group by 7.0% in the 4th quarter. State Street Corp now owns 3,378,971 shares of the company's stock worth $140,599,000 after purchasing an additional 221,443 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of Mr. Cooper Group by 21.3% in the 1st quarter. Hsbc Holdings PLC now owns 1,221,178 shares of the company's stock worth $56,185,000 after purchasing an additional 214,049 shares in the last quarter. 86.68% of the stock is currently owned by hedge funds and other institutional investors.
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Insider Buying and Selling
In related news, CEO Jesse K. Bray sold 46,000 shares of the company's stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $38.32, for a total value of $1,762,720.00. Following the completion of the transaction, the chief executive officer now owns 654,767 shares of the company's stock, valued at approximately $25,090,671.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 138,000 shares of company stock valued at $5,610,160. Company insiders own 2.59% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on COOP shares. Barclays reduced their price objective on Mr. Cooper Group from $44.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 11th. Credit Suisse Group reduced their price objective on Mr. Cooper Group to $55.00 in a research note on Friday, July 22nd. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $57.25.
Mr. Cooper Group Trading Up 5.4 %
Mr. Cooper Group stock traded up $2.24 during mid-day trading on Friday, hitting $43.86. The stock had a trading volume of 432,903 shares, compared to its average volume of 450,902. The firm has a market capitalization of $3.14 billion, a P/E ratio of 2.76 and a beta of 1.50. The firm's 50 day moving average is $42.27 and its 200 day moving average is $43.37. Mr. Cooper Group Inc. has a one year low of $35.81 and a one year high of $52.34.
Mr. Cooper Group (NASDAQ:COOP – Get Rating) last issued its earnings results on Wednesday, July 27th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.15. The company had revenue of $599.00 million during the quarter, compared to the consensus estimate of $434.70 million. Mr. Cooper Group had a net margin of 39.35% and a return on equity of 11.01%. As a group, equities research analysts forecast that Mr. Cooper Group Inc. will post 2.84 earnings per share for the current year.
Mr. Cooper Group Company Profile
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Mr. Cooper Group Inc provides servicing, origination, and transaction-based services related to single-family residences in the United States. The company operates through two segments: Servicing and Originations. The Servicing segment performs activities for underlying mortgages, including collecting and disbursing borrower payments, investor reporting, customer service, and modifying loans.
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