Connor Clark & Lunn Investment Management Ltd. Has $9.29 Million Stake in Root, Inc. (NASDAQ:ROOT)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Root, Inc. (NASDAQ:ROOT) by 163.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,923 shares of the company’s stock after buying an additional 79,317 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.85% of Root worth $9,286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in ROOT. Versor Investments LP acquired a new stake in shares of Root during the 3rd quarter valued at about $216,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Root during the 3rd quarter valued at about $539,000. Quantbot Technologies LP lifted its holdings in shares of Root by 120.0% during the 3rd quarter. Quantbot Technologies LP now owns 14,836 shares of the company’s stock valued at $561,000 after buying an additional 8,092 shares during the last quarter. FMR LLC lifted its holdings in shares of Root by 966.2% during the 3rd quarter. FMR LLC now owns 18,040 shares of the company’s stock valued at $682,000 after buying an additional 16,348 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in Root by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 5,127 shares of the company’s stock worth $194,000 after purchasing an additional 2,889 shares during the last quarter. 59.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ROOT shares. JMP Securities lowered Root from an “outperform” rating to a “market perform” rating in a report on Friday, November 22nd. Wells Fargo & Company restated a “buy” rating on shares of Root in a report on Sunday, March 2nd. Citizens Jmp lowered Root from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. UBS Group boosted their target price on Root from $67.00 to $130.00 and gave the stock a “neutral” rating in a report on Friday, March 7th. Finally, Scotiabank restated a “sector perform” rating on shares of Root in a report on Sunday, March 2nd. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $88.33.

Root Stock Up 13.0 %

Shares of ROOT stock opened at $151.73 on Friday. Root, Inc. has a 12 month low of $34.04 and a 12 month high of $151.74. The firm has a market cap of $2.31 billion, a PE ratio of -123.36 and a beta of 2.48. The stock has a 50 day moving average of $106.62 and a 200-day moving average of $77.35. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.65.

Root (NASDAQ:ROOT) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $1.93. Root had a negative return on equity of 9.81% and a negative net margin of 1.56%. The company had revenue of $326.70 million during the quarter, compared to analyst estimates of $287.79 million. On average, equities analysts predict that Root, Inc. will post -0.08 EPS for the current year.

About Root

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.