Osisko Development Corp. $ODV Shares Purchased by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Osisko Development by 18.5% in Q1, buying 1.15 million more shares and bringing its total holding to 7.4 million shares worth about $23.9 million.
• Other institutional investors also added to or initiated positions, and institutional ownership now stands at 15.16% of Osisko Development’s stock.
• The stock opened at $2.30, near its 52-week low of $2.14, while the company reported a smaller-than-expected quarterly loss and analyst sentiment remains mixed with an overall Moderate Buy rating.

Principal Financial Group Inc. grew its holdings in shares of Osisko Development Corp. (NYSE:ODV - Free Report) by 18.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 7,403,436 shares of the company's stock after acquiring an additional 1,154,800 shares during the quarter. Principal Financial Group Inc. owned about 2.43% of Osisko Development worth $23,926,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Cardinal Point Capital Management ULC increased its holdings in shares of Osisko Development by 195.5% during the first quarter. Cardinal Point Capital Management ULC now owns 198,000 shares of the company's stock valued at $641,000 after purchasing an additional 131,000 shares during the period. Purpose Unlimited Inc. acquired a new stake in Osisko Development in the fourth quarter worth about $34,000. Caitong International Asset Management Co. Ltd acquired a new stake in Osisko Development in the fourth quarter worth about $26,000. Virtu Financial LLC bought a new position in Osisko Development in the 4th quarter valued at about $130,000. Finally, Zazove Associates LLC grew its position in Osisko Development by 30.0% in the 4th quarter. Zazove Associates LLC now owns 260,000 shares of the company's stock valued at $907,000 after buying an additional 60,000 shares in the last quarter. Institutional investors own 15.16% of the company's stock.

Osisko Development Price Performance

Shares of NYSE:ODV opened at $2.30 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.33 and a current ratio of 2.37. The company has a market capitalization of $702.82 million, a PE ratio of -4.42 and a beta of 0.61. The stock has a fifty day moving average of $2.62 and a 200-day moving average of $3.25. Osisko Development Corp. has a one year low of $2.14 and a one year high of $4.80.

Osisko Development (NYSE:ODV - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. Osisko Development had a negative return on equity of 10.46% and a negative net margin of 192.13%.The company had revenue of $1.59 million for the quarter, compared to analyst estimates of $1.68 million. As a group, equities analysts anticipate that Osisko Development Corp. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

ODV has been the topic of a number of recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Osisko Development in a research report on Tuesday, April 21st. Stifel Nicolaus upgraded shares of Osisko Development to a "strong-buy" rating in a report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Osisko Development presently has an average rating of "Moderate Buy".

About Osisko Development

Osisko Development Corp. is a Canadian mineral exploration and development company focused on advancing a portfolio of high-quality precious and base metal projects in stable jurisdictions. The company’s strategy centers on the acquisition, exploration, and development of gold, zinc and lead deposits that offer the potential for scalable, long-life operations. Headquartered in Montreal, Quebec, Osisko Development operates primarily across Western Canada.

The company’s flagship asset is the Cariboo gold project in central British Columbia, where it is engaged in step-out drilling, resource definition and permitting activities aimed at building a robust mineral inventory.

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