Octave Specialty Group (NYSE:OSG) Rating Lowered to “Strong Sell” at Zacks Research

Octave Specialty Group (NYSE:OSG) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday, Zacks reports.

A number of other equities analysts have also recently issued reports on OSG. Keefe, Bruyette & Woods initiated coverage on shares of Octave Specialty Group in a research note on Friday, August 28th. They issued an “outperform” rating and a $8.00 price objective for the company. Weiss Ratings downgraded Octave Specialty Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.50.

Octave Specialty Group Stock Performance

Shares of NYSE OSG opened at $4.60 on Monday. Octave Specialty Group has a 12 month low of $3.88 and a 12 month high of $10.38. The business’s 50 day moving average is $4.72 and its two-hundred day moving average is $5.14. The company has a market cap of $207.41 million, a P/E ratio of -1.26 and a beta of 0.87. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.19.

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

Hedge Funds Weigh In On Octave Specialty Group

Several large investors have recently made changes to their positions in the company. Corient Private Wealth LP bought a new position in Octave Specialty Group in the second quarter valued at about $77,000. Lone Peak Global Investors LLC acquired a new stake in Octave Specialty Group in the second quarter worth about $672,000. Public Employees Retirement System of Ohio bought a new stake in Octave Specialty Group during the 2nd quarter worth about $383,000. Bank of New York Mellon Corp bought a new stake in Octave Specialty Group during the 2nd quarter worth about $842,000. Finally, Versant Capital Management Inc bought a new stake in shares of Octave Specialty Group during the second quarter worth approximately $52,000. Institutional investors and hedge funds own 80.92% of the company’s stock.

About Octave Specialty Group

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.