Arbiter Partners Capital Management LLC Buys Shares of 2,162,496 Osisko Development Corp. $OGG

Key Points

• Arbiter Partners Capital Management acquired 2,162,496 shares of Osisko Development, valued at approximately $5.32 million, giving it a 0.71% stake and making OGG its 16th-largest holding.
• Several other institutional investors also initiated positions during the second quarter, bringing total hedge fund and institutional ownership to 15.16%.
• OGG recently traded down 0.7% to $2.76, while analysts maintain a favorable outlook with an overall “Buy” rating based on one Strong Buy, one Buy, and one Hold recommendation.

Arbiter Partners Capital Management LLC bought a new stake in shares of Osisko Development Corp. (NYSE:OGG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,162,496 shares of the company's stock, valued at approximately $5,320,000. Osisko Development comprises about 1.8% of Arbiter Partners Capital Management LLC's holdings, making the stock its 16th biggest position. Arbiter Partners Capital Management LLC owned 0.71% of Osisko Development at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company bought a new stake in shares of Osisko Development during the 2nd quarter worth approximately $2,518,000. Engineers Gate Manager LP purchased a new position in Osisko Development during the 2nd quarter valued at $143,000. Integrated Wealth Concepts LLC bought a new position in Osisko Development in the 2nd quarter valued at $37,000. Murphy Pohlad Asset Management LLC purchased a new stake in Osisko Development in the second quarter worth $39,000. Finally, Corient Private Wealth LP purchased a new stake in Osisko Development in the second quarter worth $243,000. 15.16% of the stock is currently owned by hedge funds and other institutional investors.

Osisko Development Trading Down 0.7%

NYSE:OGG traded down $0.02 during midday trading on Tuesday, hitting $2.76. The stock had a trading volume of 715,849 shares, compared to its average volume of 1,804,364. The stock has a 50-day moving average of $2.56 and a 200 day moving average of $2.93. The company has a market capitalization of $844.12 million and a price-to-earnings ratio of -23.00. Osisko Development Corp. has a one year low of $2.18 and a one year high of $3.25. The company has a quick ratio of 3.53, a current ratio of 3.58 and a debt-to-equity ratio of 0.40.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Stifel Nicolaus raised shares of Osisko Development to a "strong-buy" rating in a research note on Monday, June 29th. Weiss Ratings raised shares of Osisko Development from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy".

Osisko Development Company Profile

Osisko Development Corp. is a mineral exploration and development company focused primarily on advancing gold projects in North America. The company's activities include exploration, resource evaluation, mine planning, permitting, project development and, where applicable, the operation of mining assets.

Its flagship asset is the Cariboo Gold Project in central British Columbia, Canada, a district-scale gold project that includes the historic Barkerville mining area and the Cow Mountain, Bonanza Ledge and Island Mountain deposits.

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