Octave Specialty Group, Inc. $OSG Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC raised its stake in shares of Octave Specialty Group, Inc. (NYSE:OSG) by 805.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,726 shares of the company’s stock after purchasing an additional 202,568 shares during the quarter. Renaissance Technologies LLC owned about 0.51% of Octave Specialty Group worth $1,059,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Western Standard LLC purchased a new stake in Octave Specialty Group in the 4th quarter worth $19,486,000. VELA Investment Management LLC acquired a new position in shares of Octave Specialty Group during the 4th quarter valued at about $1,391,000. Legato Capital Management LLC purchased a new stake in shares of Octave Specialty Group in the 4th quarter valued at approximately $1,032,000. Wolf Hill Capital Management LP acquired a new stake in Octave Specialty Group during the fourth quarter worth $14,696,000. Finally, Prescott Group Capital Management L.L.C. acquired a new position in Octave Specialty Group in the fourth quarter valued at about $6,952,000. 80.92% of the stock is owned by hedge funds and other institutional investors.

Octave Specialty Group Stock Performance

NYSE:OSG opened at $4.89 on Friday. Octave Specialty Group, Inc. has a 1-year low of $3.88 and a 1-year high of $10.38. The firm has a 50 day simple moving average of $5.77 and a 200-day simple moving average of $5.43. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.92 and a quick ratio of 1.05. The firm has a market cap of $220.52 million, a PE ratio of -1.34 and a beta of 0.85.

Octave Specialty Group (NYSE:OSG) last released its earnings results 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). 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 analysts’ expectations of $22.79 million. On average, equities analysts expect that Octave Specialty Group, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Zacks Research lowered Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings lowered Octave Specialty Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Octave Specialty Group presently has an average rating of “Hold” and an average price target of $15.00.

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.