Norbord Inc. (OSB) Cut to “Hold” at Vertical Research
Several other brokerages have also issued reports on OSB. TD Securities upped their target price on Norbord from $37.00 to $38.00 and gave the stock a buy rating in a research note on Monday, July 31st. BMO Capital Markets upped their target price on Norbord from $28.00 to $31.00 and gave the stock a market perform rating in a research note on Monday, July 31st. Credit Suisse Group raised Norbord from a neutral rating to an outperform rating in a research note on Monday, July 31st. Zacks Investment Research lowered Norbord from a strong-buy rating to a hold rating in a research note on Wednesday, July 12th. Finally, ValuEngine raised Norbord from a buy rating to a strong-buy rating in a research note on Friday, June 30th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $36.85.
Shares of Norbord (NYSE OSB) traded up 1.31% on Tuesday, reaching $34.88. 6,402 shares of the company were exchanged. The stock’s 50-day moving average is $33.27 and its 200 day moving average is $30.41. The firm has a market capitalization of $3.00 billion, a PE ratio of 11.47 and a beta of 3.95. Norbord has a 12-month low of $21.40 and a 12-month high of $35.65.
Norbord (NYSE:OSB) last issued its earnings results on Friday, July 28th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by $0.01. The firm had revenue of $536 million during the quarter. Norbord had a return on equity of 37.87% and a net margin of 13.52%. On average, analysts forecast that Norbord will post $3.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Friday, September 1st will be given a $0.398 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.59 annualized dividend and a yield of 4.62%. This is an increase from Norbord’s previous quarterly dividend of $0.22. Norbord’s payout ratio is presently 52.30%.
A number of hedge funds have recently made changes to their positions in OSB. Legal & General Group Plc increased its stake in shares of Norbord by 4.2% in the second quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock valued at $152,000 after buying an additional 198 shares during the last quarter. Renaissance Group LLC increased its stake in shares of Norbord by 3.0% in the first quarter. Renaissance Group LLC now owns 14,483 shares of the construction company’s stock valued at $413,000 after buying an additional 417 shares during the last quarter. Brandes Investment Partners LP increased its stake in shares of Norbord by 2.2% in the second quarter. Brandes Investment Partners LP now owns 58,841 shares of the construction company’s stock valued at $1,832,000 after buying an additional 1,249 shares during the last quarter. Swiss National Bank increased its stake in shares of Norbord by 1.9% in the first quarter. Swiss National Bank now owns 70,828 shares of the construction company’s stock valued at $2,016,000 after buying an additional 1,300 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Norbord by 16.1% in the second quarter. Advisors Asset Management Inc. now owns 18,319 shares of the construction company’s stock valued at $570,000 after buying an additional 2,537 shares during the last quarter. Hedge funds and other institutional investors own 93.28% of the company’s stock.
Norbord Company Profile
Norbord Inc manufactures and sells wood-based panels for retail chains, contractor supply yards, and industrial customers primarily in North America and Europe. The company offers oriented strand boards for use in sheathing, flooring, and roofing in home construction applications; particleboards that are used in flooring and other construction applications; and medium density fiberboards for use in cabinet doors, mouldings, and interior wall paneling applications, as well as related value-added products for use in the construction of new homes, and renovation and repair of existing structures.
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