Vestcor Inc Makes New $1.12 Million Investment in Osisko Development Corp. (NYSE:ODV)

Key Points

• Vestcor Inc has acquired 750,000 shares of Osisko Development Corp., valued at approximately $1.12 million, resulting in a 0.55% ownership stake by the end of the first quarter.
• Several other institutional investors have also recently made new investments in Osisko Development, bringing institutional ownership to 15.16%.
• Osisko Development's stock increased by 3.3%, and its 52-week range is between $1.16 and $2.75.

Vestcor Inc acquired a new position in shares of Osisko Development Corp. (NYSE:ODV - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 750,000 shares of the company's stock, valued at approximately $1,118,000. Vestcor Inc owned about 0.55% of Osisko Development at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Focus Partners Advisor Solutions LLC purchased a new position in Osisko Development in the fourth quarter valued at about $62,000. U S Global Investors Inc. purchased a new position in Osisko Development in the first quarter valued at about $149,000. Polar Asset Management Partners Inc. purchased a new position in Osisko Development in the fourth quarter valued at about $196,000. WCG Wealth Advisors LLC purchased a new position in Osisko Development in the fourth quarter valued at about $201,000. Finally, Bastion Asset Management Inc. purchased a new position in shares of Osisko Development during the 4th quarter valued at $326,000. 15.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ODV shares. Royal Bank Of Canada raised Osisko Development from a "hold" rating to a "moderate buy" rating in a research report on Monday, June 2nd. Stifel Canada raised Osisko Development to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Osisko Development in a research report on Tuesday, June 24th.

Osisko Development Stock Performance

Shares of NYSE ODV traded up $0.17 during trading on Wednesday, reaching $2.50. 1,311,371 shares of the stock traded hands, compared to its average volume of 456,851. Osisko Development Corp. has a 52-week low of $1.16 and a 52-week high of $2.75. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.68 and a quick ratio of 0.62. The company has a 50-day moving average of $2.22 and a 200-day moving average of $1.80. The stock has a market capitalization of $344.41 million, a P/E ratio of -3.04 and a beta of 0.61.

Osisko Development (NYSE:ODV - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.06) earnings per share for the quarter. Analysts forecast that Osisko Development Corp. will post -0.16 EPS for the current fiscal year.

About Osisko Development

Osisko Development Corp. acquires, explores, and develops mineral properties in Canada, Mexico, and the United States. It explores for gold; and precious and base metals. The company's flagship asset is the Cariboo Gold Project covering an area of approximately 155,000 hectares consisting of 415 mineral titles located in British Columbia, Canada.