The Manufacturers Life Insurance Company Buys New Stake in Osisko Development Corp. $OGG

Key Points

• The Manufacturers Life Insurance Company acquired 1.03 million shares of Osisko Development, worth approximately $2.5 million, giving it a 0.34% stake.
• Institutional ownership increased among several major investors, including Royal Bank of Canada, Arbiter Partners and Principal Financial Group; institutions and hedge funds now own 15.16% of OGG.
• OGG shares opened at $2.83, within a 52-week range of $2.18 to $3.25. Analyst sentiment is broadly positive, with the stock holding an average “Buy” rating.

The Manufacturers Life Insurance Company purchased a new position in shares of Osisko Development Corp. (NYSE:OGG - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,032,133 shares of the company's stock, valued at approximately $2,518,000. The Manufacturers Life Insurance Company owned 0.34% of Osisko Development at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its stake in shares of Osisko Development by 18.5% during the first quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company's stock worth $23,926,000 after purchasing an additional 1,154,800 shares in the last quarter. Gabelli Funds LLC purchased a new stake in shares of Osisko Development in the fourth quarter worth about $1,396,000. Vestcor Inc acquired a new stake in shares of Osisko Development in the fourth quarter valued at about $6,112,000. Arbiter Partners Capital Management LLC grew its stake in shares of Osisko Development by 122.6% in the first quarter. Arbiter Partners Capital Management LLC now owns 2,087,496 shares of the company's stock valued at $6,784,000 after buying an additional 1,149,642 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Osisko Development by 193,823.0% during the 1st quarter. Royal Bank of Canada now owns 2,356,164 shares of the company's stock valued at $7,658,000 after buying an additional 2,354,949 shares during the period. 15.16% of the stock is currently owned by institutional investors and hedge funds.

Osisko Development Stock Performance

Shares of OGG opened at $2.83 on Monday. The firm has a market cap of $865.53 million and a price-to-earnings ratio of -23.58. The company has a quick ratio of 3.53, a current ratio of 3.58 and a debt-to-equity ratio of 0.40. The business's 50 day moving average is $2.56 and its two-hundred day moving average is $2.94. Osisko Development Corp. has a 52-week low of $2.18 and a 52-week high of $3.25.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Stifel Nicolaus raised Osisko Development to a "strong-buy" rating in a research report on Monday, June 29th. Weiss Ratings raised shares of Osisko Development from a "sell (d+)" rating to a "hold (c-)" rating in a research report 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 given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy".

About Osisko Development

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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