Octave Specialty Group (NYSE:OSG) Issues Quarterly Earnings Results

Octave Specialty Group (NYSE:OSG) announced its quarterly earnings results on Thursday. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03), Zacks reports. Octave Specialty Group had a positive return on equity of 0.43% and a negative net margin of 51.10%.The business had revenue of $83.00 million for the quarter, compared to analyst estimates of $22.79 million.

Octave Specialty Group Price Performance

Shares of OSG stock traded down $0.75 during mid-day trading on Friday, hitting $4.91. 1,124,866 shares of the stock traded hands, compared to its average volume of 317,304. Octave Specialty Group has a twelve month low of $3.88 and a twelve month high of $10.38. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day simple moving average is $5.83 and its 200-day simple moving average is $5.48. The firm has a market cap of $221.09 million, a price-to-earnings ratio of -1.35 and a beta of 0.85.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Zacks Research lowered Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings downgraded shares of Octave Specialty Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Octave Specialty Group currently has a consensus rating of “Hold” and an average target price of $15.00.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Millennium Management LLC lifted its holdings in Octave Specialty Group by 142.7% in the 1st quarter. Millennium Management LLC now owns 508,686 shares of the company’s stock valued at $4,451,000 after acquiring an additional 299,094 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Octave Specialty Group by 7.4% during the 1st quarter. Empowered Funds LLC now owns 195,127 shares of the company’s stock valued at $1,707,000 after purchasing an additional 13,494 shares in the last quarter. Creative Planning acquired a new position in shares of Octave Specialty Group in the 2nd quarter worth approximately $145,000. Rhumbline Advisers grew its stake in shares of Octave Specialty Group by 7.7% in the 2nd quarter. Rhumbline Advisers now owns 74,916 shares of the company’s stock worth $532,000 after purchasing an additional 5,376 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Octave Specialty Group in the 2nd quarter worth approximately $532,000. Institutional investors own 80.92% of the company’s stock.

About Octave Specialty Group

Ambac Financial Group, Inc (NYSE:AMBC) is a specialized financial services holding company headquartered in New York City. Through its principal subsidiary, Ambac Assurance Corporation, the company provides financial guarantee insurance and surety bonds designed to enhance the credit quality of public finance and structured finance transactions. Ambac’s offerings are tailored to municipal issuers, financial institutions and corporate borrowers, supporting infrastructure projects, energy and transportation initiatives, as well as asset-backed securities.

Ambac’s core business activities center on credit enhancement and risk-transfer solutions.