Octave Specialty Group (NYSE:OSG) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded Octave Specialty Group from “strong sell” to “hold.” Across analysts, the stock has an average “hold” rating and an average price target of $11.50.
• The stock was up 3.7%, opening at $5.20, with a 52-week range of $3.88 to $10.38.
• In its latest reported quarter, Octave posted a loss of $0.04 per share, missing the $0.01 loss consensus, while revenue of $83 million topped expectations of $22.79 million.

Octave Specialty Group (NYSE:OSG - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday, Zacks reports.

A number of other equities analysts have also weighed in on OSG. Keefe, Bruyette & Woods began coverage on Octave Specialty Group in a research note on Friday, August 28th. They issued an "outperform" rating and a $8.00 target price on the stock. Weiss Ratings raised Octave Specialty Group from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, October 21st. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $11.50.

Octave Specialty Group Stock Up 3.7%

Octave Specialty Group stock opened at $5.20 on Tuesday. Octave Specialty Group has a 1-year low of $3.88 and a 1-year high of $10.38. The firm has a market capitalization of $234.03 million, a price-to-earnings ratio of 50.10 and a beta of 0.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.19. The firm has a 50 day simple moving average of $4.65 and a 200 day simple moving average of $5.22.

Octave Specialty Group (NYSE:OSG - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.03). The firm had revenue of $83.00 million during the quarter, compared to analysts' expectations of $22.79 million. Octave Specialty Group had a positive return on equity of 0.44% and a negative net margin of 51.10%. On average, analysts predict that Octave Specialty Group will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On Octave Specialty Group

Institutional investors have recently modified their holdings of the company. RIHO Partners LLC purchased a new stake in Octave Specialty Group in the first quarter worth approximately $2,542,000. Renaissance Technologies LLC grew its position in Octave Specialty Group by 805.2% during the first quarter. Renaissance Technologies LLC now owns 227,726 shares of the company's stock valued at $1,059,000 after acquiring an additional 202,568 shares during the last quarter. Prescott Group Capital Management L.L.C. raised its stake in shares of Octave Specialty Group by 17.1% during the third quarter. Prescott Group Capital Management L.L.C. now owns 1,930,145 shares of the company's stock worth $7,991,000 after acquiring an additional 282,352 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Octave Specialty Group during the second quarter worth approximately $842,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Octave Specialty Group during the fourth quarter worth approximately $713,000. 80.92% of the stock is currently owned by institutional investors.

Octave Specialty Group Company Profile

Octave Specialty Group Inc is a specialty insurance company that provides underwriting solutions for complex, specialized and difficult-to-place risks. The company operates through specialty insurance platforms designed to serve customers and distribution partners seeking coverage outside standard commercial insurance markets.

Its business activities include the development, underwriting and management of specialty insurance products across selected lines of business. Octave's offerings are intended for niche risks that may require specialized expertise, tailored policy structures and disciplined risk selection.

The company serves the specialty insurance market through relationships with brokers, agents and other distribution partners.

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