Vestcor Inc Invests $6.11 Million in Osisko Development Corp. $ODV

Vestcor Inc purchased a new position in Osisko Development Corp. (NYSE:ODV) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,751,236 shares of the company’s stock, valued at approximately $6,112,000.

Several other hedge funds have also recently modified their holdings of ODV. Condire Management LP lifted its position in shares of Osisko Development by 75.0% in the 3rd quarter. Condire Management LP now owns 21,964,844 shares of the company’s stock worth $74,461,000 after purchasing an additional 9,412,910 shares during the period. Amundi purchased a new stake in shares of Osisko Development in the 3rd quarter worth approximately $16,335,000. Schroder Investment Management Group purchased a new stake in shares of Osisko Development in the 3rd quarter worth approximately $13,380,000. Anson Funds Management LP lifted its position in shares of Osisko Development by 82.6% in the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock worth $24,241,000 after purchasing an additional 3,235,008 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Osisko Development by 100.3% in the 3rd quarter. Franklin Resources Inc. now owns 5,091,948 shares of the company’s stock worth $16,803,000 after purchasing an additional 2,550,000 shares during the period. Hedge funds and other institutional investors own 15.16% of the company’s stock.

Osisko Development Trading Down 7.4%

NYSE ODV opened at $2.48 on Friday. The company has a quick ratio of 2.33, a current ratio of 2.37 and a debt-to-equity ratio of 0.15. The firm has a market cap of $756.32 million, a PE ratio of -4.77 and a beta of 0.58. The company has a 50 day moving average price of $3.11 and a 200 day moving average price of $3.48. Osisko Development Corp. has a 52 week low of $1.95 and a 52 week high of $4.80.

Osisko Development (NYSE:ODV) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $1.59 million during the quarter, compared to analyst estimates of $1.68 million. Osisko Development had a negative net margin of 192.13% and a negative return on equity of 10.46%. As a group, sell-side analysts forecast that Osisko Development Corp. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Osisko Development in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus 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.