Octave Specialty Group (NYSE:OSG) Stock Rating Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Octave Specialty Group from “hold” to “strong sell,” while analysts overall maintain a consensus “hold” rating with an $11.50 target price.
• OSG shares opened at $4.60 and remain near their 52-week low of $3.88, with a market capitalization of approximately $207 million.
• The company reported a quarterly loss of $0.04 per share, missing expectations by $0.03, alongside a negative net margin of 51.10%; institutional investors own 80.92% of the stock.

Octave Specialty Group (NYSE:OSG - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Monday, Zacks reports.

Several other research analysts also recently issued reports on OSG. Keefe, Bruyette & Woods assumed coverage on Octave Specialty Group in a research note on Friday, August 28th. They set an "outperform" rating and a $8.00 price target for the company. Weiss Ratings downgraded shares of Octave Specialty Group from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $11.50.

Octave Specialty Group Stock Performance

OSG opened at $4.60 on Monday. Octave Specialty Group has a 1-year low of $3.88 and a 1-year high of $10.38. The stock has a market cap of $207.41 million, a P/E ratio of -1.26 and a beta of 0.87. The stock's 50 day simple moving average is $4.72 and its 200 day simple moving average is $5.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.92 and a quick ratio of 0.92.

Octave Specialty Group (NYSE:OSG - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $22.79 million. Octave Specialty Group had a positive return on equity of 0.44% and a negative net margin of 51.10%. As a group, equities analysts anticipate that Octave Specialty Group will post 0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Octave Specialty Group

Institutional investors have recently made changes to their positions in the stock. RIHO Partners LLC purchased a new stake in Octave Specialty Group during the 1st quarter worth about $2,542,000. Renaissance Technologies LLC boosted its stake in shares of Octave Specialty Group by 805.2% during the 1st quarter. Renaissance Technologies LLC now owns 227,726 shares of the company's stock worth $1,059,000 after purchasing an additional 202,568 shares during the last quarter. Wolf Hill Capital Management LP purchased a new stake in shares of Octave Specialty Group during the fourth quarter worth about $14,696,000. Hsbc Holdings PLC acquired a new position in shares of Octave Specialty Group in the fourth quarter valued at approximately $713,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Octave Specialty Group during the second quarter valued at approximately $842,000. 80.92% of the stock is owned by institutional investors and hedge funds.

About Octave Specialty Group

Octave Specialty Group, Inc is a specialty insurance platform that operates in the insurance distribution and underwriting market. The company works with insurance brokers, carriers and other industry partners to provide specialized coverage and risk-management solutions for businesses with complex or nonstandard insurance needs.

Its activities may include specialty brokerage, program management and other forms of insurance-related underwriting and placement services. These services are generally designed for risks that may require industry-specific expertise or customized coverage rather than standard commercial insurance products.

Publicly available information about Octave Specialty Group, including its specific product portfolio, operating subsidiaries, geographic footprint and leadership team, is limited.

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