Arbiter Partners Capital Management LLC Buys Shares of 2,162,496 Osisko Development Corp. $OGG

Arbiter Partners Capital Management LLC purchased a new position in Osisko Development Corp. (NYSE:OGG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,162,496 shares of the company’s stock, valued at approximately $5,320,000. Osisko Development accounts for approximately 1.8% of Arbiter Partners Capital Management LLC’s investment portfolio, making the stock its 16th largest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OGG. Amundi increased its holdings in Osisko Development by 15.0% during the first quarter. Amundi now owns 8,050,000 shares of the company’s stock valued at $26,162,000 after buying an additional 1,050,000 shares during the period. Principal Financial Group Inc. lifted its holdings in Osisko Development by 18.5% during the first quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company’s stock worth $23,926,000 after buying an additional 1,154,800 shares during the period. Anson Funds Management LP lifted its holdings in Osisko Development by 1,292.2% during the first quarter. Anson Funds Management LP now owns 3,862,208 shares of the company’s stock worth $12,555,000 after buying an additional 3,584,791 shares during the period. Invenomic Capital Management LP bought a new stake in Osisko Development during the 4th quarter valued at $7,713,000. Finally, Royal Bank of Canada increased its holdings in shares of Osisko Development by 193,823.0% in the 1st quarter. Royal Bank of Canada now owns 2,356,164 shares of the company’s stock valued at $7,658,000 after acquiring an additional 2,354,949 shares during the period. 15.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on OGG. Weiss Ratings upgraded Osisko Development from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, September 1st. Stifel Nicolaus raised shares of Osisko Development to a “strong-buy” rating in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy”.

Osisko Development Stock Down 0.7%

NYSE OGG traded down $0.02 on Tuesday, hitting $2.76. The stock had a trading volume of 715,849 shares, compared to its average volume of 1,804,364. The business’s fifty day moving average price is $2.56 and its 200 day moving average price is $2.93. The stock has a market cap of $844.12 million and a price-to-earnings ratio of -23.00. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.58 and a quick ratio of 3.53. Osisko Development Corp. has a 52-week low of $2.18 and a 52-week high of $3.25.

About Osisko Development

Osisko Development Corp. is a mineral exploration and development company focused primarily on advancing gold projects in North America. The company’s activities include exploration, resource evaluation, mine planning, permitting, project development and, where applicable, the operation of mining assets.

Its flagship asset is the Cariboo Gold Project in central British Columbia, Canada, a district-scale gold project that includes the historic Barkerville mining area and the Cow Mountain, Bonanza Ledge and Island Mountain deposits.