BMO Capital Markets Downgrades Norbord Inc. (OSB) to Underperform
Norbord Inc. (NYSE:OSB) was downgraded by stock analysts at BMO Capital Markets from a “market perform” rating to an “underperform” rating in a research note issued on Friday, MarketBeat reports. They currently have a $32.00 price target on the construction company’s stock, up from their previous price target of $31.00. BMO Capital Markets’ price target points to a potential downside of 16.05% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other research firms have also recently commented on OSB. Zacks Investment Research upgraded Norbord from a “hold” rating to a “strong-buy” rating and set a $36.00 target price on the stock in a research report on Friday, June 30th. ValuEngine raised Norbord from a “buy” rating to a “strong-buy” rating in a report on Friday, June 30th. Credit Suisse Group raised Norbord from a “neutral” rating to an “outperform” rating in a research report on Monday, July 31st. TD Securities upped their target price on Norbord from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, July 31st. Finally, Vertical Research downgraded Norbord from a “buy” rating to a “hold” rating in a research note on Tuesday, August 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $36.85.
Norbord (OSB) opened at 38.12 on Friday. Norbord has a 12 month low of $21.40 and a 12 month high of $41.88. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 12.54 and a beta of 4.01. The company’s 50-day moving average price is $37.97 and its 200 day moving average price is $37.97.
Norbord (NYSE:OSB) last released its quarterly earnings data on Friday, July 28th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.01). Norbord had a net margin of 13.52% and a return on equity of 37.87%. The company had revenue of $536.00 million during the quarter. Analysts predict that Norbord will post $4.06 EPS for the current year.
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Hedge funds and other institutional investors have recently bought and sold shares of the business. AGF Investments Inc. increased its stake in Norbord by 173.2% in the second quarter. AGF Investments Inc. now owns 54,680 shares of the construction company’s stock valued at $1,703,000 after purchasing an additional 34,668 shares during the period. Sentry Investments Corp. raised its holdings in shares of Norbord by 53.3% in the second quarter. Sentry Investments Corp. now owns 46,000 shares of the construction company’s stock valued at $1,857,000 after buying an additional 16,000 shares during the last quarter. Renaissance Group LLC raised its holdings in shares of Norbord by 6.0% in the second quarter. Renaissance Group LLC now owns 15,345 shares of the construction company’s stock valued at $478,000 after buying an additional 862 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Norbord by 229.0% in the second quarter. Acadian Asset Management LLC now owns 804,725 shares of the construction company’s stock valued at $25,012,000 after buying an additional 560,125 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Norbord by 243.1% during the first quarter. Morgan Stanley now owns 173,402 shares of the construction company’s stock worth $4,944,000 after buying an additional 122,868 shares during the period. Institutional investors own 80.86% of the company’s stock.
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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