Rubric Capital Management LP Sells 482,775 Shares of Mr. Cooper Group Inc. (NASDAQ:COOP)

Rubric Capital Management LP reduced its holdings in shares of Mr. Cooper Group Inc. (NASDAQ:COOP) by 31.8% during the third quarter, HoldingsChannel reports. The firm owned 1,035,998 shares of the company’s stock after selling 482,775 shares during the period. Mr. Cooper Group comprises 1.6% of Rubric Capital Management LP’s portfolio, making the stock its 13th biggest holding. Rubric Capital Management LP’s holdings in Mr. Cooper Group were worth $95,498,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Financial Management Professionals Inc. bought a new position in Mr. Cooper Group in the 3rd quarter worth $30,000. Blue Trust Inc. lifted its holdings in Mr. Cooper Group by 77.1% in the 2nd quarter. Blue Trust Inc. now owns 333 shares of the company’s stock worth $26,000 after purchasing an additional 145 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Mr. Cooper Group by 8,275.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 335 shares of the company’s stock worth $27,000 after purchasing an additional 331 shares during the period. Quarry LP purchased a new stake in Mr. Cooper Group during the 2nd quarter valued at approximately $29,000. Finally, Harvest Fund Management Co. Ltd raised its position in shares of Mr. Cooper Group by 152.5% during the third quarter. Harvest Fund Management Co. Ltd now owns 447 shares of the company’s stock valued at $41,000 after buying an additional 270 shares during the last quarter. 89.82% of the stock is owned by hedge funds and other institutional investors.

Mr. Cooper Group Price Performance

Shares of NASDAQ COOP opened at $98.29 on Wednesday. The company has a market cap of $6.29 billion, a P/E ratio of 12.70 and a beta of 1.40. The firm has a 50-day simple moving average of $93.85 and a two-hundred day simple moving average of $88.63. Mr. Cooper Group Inc. has a 1 year low of $59.03 and a 1 year high of $103.05.

Mr. Cooper Group (NASDAQ:COOP) last issued its earnings results on Wednesday, October 23rd. The company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.30. The firm had revenue of $616.00 million during the quarter, compared to analyst estimates of $548.09 million. Mr. Cooper Group had a net margin of 25.87% and a return on equity of 13.77%. The business’s revenue was up 32.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.79 earnings per share. As a group, equities research analysts expect that Mr. Cooper Group Inc. will post 10.16 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on COOP. Barclays increased their price objective on shares of Mr. Cooper Group from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Mr. Cooper Group in a research note on Thursday, October 24th. Finally, Compass Point increased their target price on Mr. Cooper Group from $97.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.00.

Insider Transactions at Mr. Cooper Group

In other news, CEO Jesse K. Bray sold 30,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.41, for a total transaction of $2,652,300.00. Following the transaction, the chief executive officer now owns 818,821 shares in the company, valued at approximately $72,391,964.61. This trade represents a 3.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.33% of the company’s stock.

Mr. Cooper Group Company Profile

Mr. Cooper Group Inc, together with its subsidiaries, operates as a non-bank servicer of residential mortgage loans in the United States. The company operates through Servicing and Originations segments. The Servicing segment performs activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans, performing collections, foreclosures, and the sale of real estate owned.