Octave Specialty Group, Inc. (NYSE:OSG) Receives Average Recommendation of “Hold” from Brokerages

Octave Specialty Group, Inc. (NYSE:OSG) has been assigned a consensus recommendation of “Hold” from the five research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $11.50.

Several equities analysts recently issued reports on OSG shares. Zacks Research lowered Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings upgraded shares of Octave Specialty Group from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Finally, Keefe, Bruyette & Woods started coverage on shares of Octave Specialty Group in a research note on Friday. They issued an “outperform” rating and a $8.00 target price on the stock.

Hedge Funds Weigh In On Octave Specialty Group

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

Octave Specialty Group Trading Up 4.4%

Octave Specialty Group stock traded up $0.20 during mid-day trading on Friday, hitting $4.71. The company’s stock had a trading volume of 259,716 shares, compared to its average volume of 596,807. The business has a 50 day moving average price of $5.57 and a 200-day moving average price of $5.33. 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 has a 12 month low of $3.88 and a 12 month high of $10.38. The stock has a market cap of $212.19 million, a price-to-earnings ratio of -1.29 and a beta of 0.85.

Octave Specialty Group (NYSE:OSG) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03). The company had revenue of $83.00 million for 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%. As a group, analysts forecast that Octave Specialty Group will post 0.19 EPS for the current year.

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.