Octave Specialty Group (NYSE:OSG) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Octave Specialty Group (NYSE:OSG) posted its quarterly earnings data on Thursday. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate 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 Stock Performance

Shares of OSG traded down $0.75 during trading hours on Friday, reaching $4.91. 1,124,866 shares of the company traded hands, compared to its average volume of 317,304. The stock’s fifty day moving average is $5.83 and its 200 day moving average is $5.48. The stock has a market cap of $221.09 million, a P/E ratio of -1.35 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Octave Specialty Group has a 1-year low of $3.88 and a 1-year high of $10.38.

Wall Street Analyst Weigh In

OSG has been the topic of several recent analyst reports. Weiss Ratings downgraded Octave Specialty Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. Zacks Research cut Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $15.00.

Hedge Funds Weigh In On Octave Specialty Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in OSG. Federated Hermes Inc. bought a new stake in shares of Octave Specialty Group in the 4th quarter worth approximately $34,000. Russell Investments Group Ltd. increased its position in shares of Octave Specialty Group by 613.5% during the third quarter. Russell Investments Group Ltd. now owns 4,916 shares of the company’s stock valued at $41,000 after purchasing an additional 4,227 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of Octave Specialty Group during the fourth quarter valued at approximately $63,000. New York State Common Retirement Fund acquired a new position in shares of Octave Specialty Group in the fourth quarter valued at $78,000. Finally, Cerity Partners LLC acquired a new position in shares of Octave Specialty Group in the second quarter valued at $84,000. 80.92% of the stock is currently owned by institutional investors.

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.