Octave Specialty Group (NYSE:OSG) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of Octave Specialty Group (NYSE:OSG) from a hold rating to a strong sell rating in a report issued on Monday morning,Zacks reports.

OSG has been the subject of several other research reports. Weiss Ratings lowered shares of Octave Specialty Group from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. Keefe, Bruyette & Woods started coverage on Octave Specialty Group in a report on Friday, August 28th. They issued an “outperform” rating and a $8.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Octave Specialty Group currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Octave Specialty Group Stock Up 0.5%

Shares of Octave Specialty Group stock opened at $4.60 on Monday. The stock’s 50-day moving average is $4.72 and its 200 day moving average is $5.14. Octave Specialty Group has a one year low of $3.88 and a one year high of $10.38. The firm has a market cap of $207.41 million, a price-to-earnings ratio of -1.26 and a beta of 0.87. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.92 and a quick ratio of 0.92.

Octave Specialty Group (NYSE:OSG) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.03). Octave Specialty Group had a negative net margin of 51.10% and a positive return on equity of 0.44%. The company had revenue of $83.00 million during the quarter, compared to the consensus estimate of $22.79 million. Equities research analysts anticipate that Octave Specialty Group will post 0.19 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OSG. Parallel Advisors LLC grew its stake in shares of Octave Specialty Group by 4,186.8% during the first quarter. Parallel Advisors LLC now owns 6,473 shares of the company’s stock valued at $30,000 after buying an additional 6,322 shares during the last quarter. Versant Capital Management Inc bought a new stake in shares of Octave Specialty Group during the 2nd quarter worth approximately $52,000. State of Wyoming lifted its stake in shares of Octave Specialty Group by 49.5% during the 1st quarter. State of Wyoming now owns 28,784 shares of the company’s stock worth $134,000 after acquiring an additional 9,535 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in Octave Specialty Group by 11.3% during the 1st quarter. Hsbc Holdings PLC now owns 102,430 shares of the company’s stock valued at $476,000 after acquiring an additional 10,390 shares during the period. Finally, Corient Private Wealth LP purchased a new position in Octave Specialty Group during the 2nd quarter valued at $77,000. 80.92% of the stock is currently owned by hedge funds and other institutional investors.

Octave Specialty Group Company Profile

Octave Specialty Group, Inc is a specialty insurance platform that operates in the insurance distribution and underwriting market. The company works with insurance brokers, carriers and other industry partners to provide specialized coverage and risk-management solutions for businesses with complex or nonstandard insurance needs.

Its activities may include specialty brokerage, program management and other forms of insurance-related underwriting and placement services. These services are generally designed for risks that may require industry-specific expertise or customized coverage rather than standard commercial insurance products.

Publicly available information about Octave Specialty Group, including its specific product portfolio, operating subsidiaries, geographic footprint and leadership team, is limited.