Nuveen Asset Management LLC Reduces Stock Holdings in Root, Inc. (NASDAQ:ROOT)

Nuveen Asset Management LLC cut its holdings in shares of Root, Inc. (NASDAQ:ROOT) by 46.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,035 shares of the company’s stock after selling 20,539 shares during the period. Nuveen Asset Management LLC owned 0.16% of Root worth $1,745,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Rhumbline Advisers grew its position in shares of Root by 27.7% during the fourth quarter. Rhumbline Advisers now owns 14,628 shares of the company’s stock worth $1,062,000 after acquiring an additional 3,169 shares during the last quarter. Mariner LLC acquired a new stake in shares of Root during the fourth quarter worth $217,000. Bank of New York Mellon Corp lifted its holdings in shares of Root by 36.0% during the fourth quarter. Bank of New York Mellon Corp now owns 24,438 shares of the company’s stock worth $1,774,000 after purchasing an additional 6,465 shares during the period. Swiss National Bank lifted its holdings in shares of Root by 15.6% during the fourth quarter. Swiss National Bank now owns 15,600 shares of the company’s stock worth $1,132,000 after purchasing an additional 2,100 shares during the period. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Root during the fourth quarter worth $417,000. 59.82% of the stock is currently owned by hedge funds and other institutional investors.

Root Stock Down 0.2%

ROOT opened at $137.54 on Wednesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.39 and a quick ratio of 1.39. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of -111.82 and a beta of 2.40. The business has a 50-day moving average of $133.02 and a two-hundred day moving average of $114.00. Root, Inc. has a 12 month low of $34.04 and a 12 month high of $181.14.

Root (NASDAQ:ROOT) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.45 by $0.62. The company had revenue of $349.40 million during the quarter, compared to analysts’ expectations of $305.24 million. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The firm’s revenue was up 37.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.42) EPS. On average, research analysts expect that Root, Inc. will post -0.08 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ROOT shares. Scotiabank reaffirmed a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Wall Street Zen upgraded Root from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Keefe, Bruyette & Woods raised their price target on Root from $150.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, May 8th. Wells Fargo & Company raised their price target on Root from $105.00 to $142.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Finally, Jefferies Financial Group lifted their price objective on Root from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.17.

Insider Activity

In other Root news, CEO Alexander E. Timm sold 1,144 shares of Root stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $134.01, for a total transaction of $153,307.44. Following the sale, the chief executive officer now directly owns 161,625 shares in the company, valued at $21,659,366.25. The trade was a 0.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Meyer Malka sold 225,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $135.81, for a total value of $30,557,250.00. Following the sale, the insider now directly owns 503,800 shares in the company, valued at approximately $68,421,078. This represents a 30.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 233,659 shares of company stock valued at $31,748,719 in the last three months. Corporate insiders own 11.76% of the company’s stock.

Root Profile

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.