Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Root, Inc. (NASDAQ:ROOT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,941 shares of the company's stock, valued at approximately $372,000.
Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Root by 16.2% during the 4th quarter. Vanguard Group Inc. now owns 526,928 shares of the company's stock worth $38,250,000 after buying an additional 73,413 shares during the period. State Street Corp increased its stake in shares of Root by 0.3% in the third quarter. State Street Corp now owns 176,891 shares of the company's stock worth $6,683,000 after purchasing an additional 444 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Root by 163.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,923 shares of the company's stock worth $9,286,000 after purchasing an additional 79,317 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Root during the 4th quarter valued at approximately $1,952,000. Finally, Bank of New York Mellon Corp boosted its stake in Root by 36.0% during the 4th quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company's stock valued at $1,774,000 after purchasing an additional 6,465 shares during the period. Institutional investors and hedge funds own 59.82% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Wells Fargo & Company reissued a "buy" rating on shares of Root in a research report on Sunday, March 2nd. Scotiabank restated a "sector perform" rating on shares of Root in a research report on Sunday, March 2nd. Finally, UBS Group upped their price objective on shares of Root from $67.00 to $130.00 and gave the company a "neutral" rating in a research report on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.33.
View Our Latest Stock Analysis on ROOT
Insider Activity at Root
In related news, Director Doug Ulman sold 2,000 shares of Root stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the sale, the director now directly owns 6,201 shares in the company, valued at $1,085,175. This trade represents a 24.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mahtiyar Bonakdarpour sold 5,515 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $124.78, for a total transaction of $688,161.70. Following the transaction, the insider now owns 286,901 shares in the company, valued at approximately $35,799,506.78. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,659 shares of company stock valued at $1,191,469 over the last ninety days. 11.71% of the stock is owned by insiders.
Root Price Performance
Shares of Root stock traded down $8.06 during mid-day trading on Friday, reaching $112.37. 834,566 shares of the stock were exchanged, compared to its average volume of 522,815. Root, Inc. has a fifty-two week low of $34.04 and a fifty-two week high of $181.14. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -91.36 and a beta of 2.41. The firm has a 50-day simple moving average of $125.54 and a 200 day simple moving average of $88.25. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.65.
Root (NASDAQ:ROOT - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.63) by $1.93. Root had a negative net margin of 1.56% and a negative return on equity of 9.81%. The company had revenue of $326.70 million during the quarter, compared to analysts' expectations of $287.79 million. On average, sell-side analysts predict that Root, Inc. will post -0.08 EPS for the current fiscal year.
About Root
(
Free Report)
Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. It operates a direct-to-consumer model; and serves customers primarily through mobile applications, as well as through its website. The company's direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.
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